Get bullish? Institutions are net buyers of crypto for the first time in 5 weeks

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After their longest streak since February 2018, institutional managers became net buyers of digital asset funds last week, voicing cautious optimism that the crypto market is turning around after a period of significant volatility.

Inflows into digital asset funds for Bitcoin (BTC), Ether (ETH) and others totaled $ 63 million for the week ending July 2, according to CoinShares in its latest report. For the first time in nine weeks, inflows were registered across all individual digital assets with dedicated funds.

The funds dedicated to Bitcoin recorded a weekly inflow of $ 38.9 million, bringing the total to $ 4.186 billion since the beginning of the year. CoinShares revised the previous week’s grand to reflect a small increase in net investments.

Ether funds recorded weekly inflows of $ 17.7 million, bringing their total year-to-date value to $ 960 million and recording three consecutive weekly outflows.

Funds that invested in Polkadot and XRP saw inflows of $ 2.1 million and $ 1.2 million, respectively.

While multi-asset funds saw positive weekly inflows, the total was much lower than in the previous weeks, a sign that investors are returning to Bitcoin.

Grayscale, the world’s largest digital asset manager, reported last week that its total assets under management reached $ 29.8 billion. Some analysts fear that after Grayscale’s GBTC lockdown expires, crypto markets could face headwinds in the coming weeks, allowing investors to sell the stocks.

Connected: Is Bitcoin at Risk of Losing $ 30,000 If Grayscale’s Big GBTC Unlocks In Two Weeks?

Institutional buyers have played a significant role in crypto’s recent bull market, and they too have been a source of volatility on the downside. As Cointelegraph reported in May, Michael Sonnenshein of Grayscale, Jeffrey Wang of Amber Group and Edouard Hindi of Tyr Capital believe financial advisors could play an important role in advancing institutional adoption.