CoinShares: Investors prefer bitcoin to altcoins

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Crypto asset management company CoinShares reported that amid significant fluctuations in the cryptocurrency market, investors are flocking to Bitcoin, distrusting Ether and other altcoins.

According to the weekly CoinShares report, despite the volatility of the cryptocurrency market, the influx of funds into the industry amounted to $100 million. Thus, the amount of assets under management reached $39.8 billion.

The report's authors reported that a significant portionThe market is occupied by investors from the United States - their investments in the industry last week amounted to $88 million. European investors were much less active and invested $11 million in digital assets.

Last week, capital inflows into fundsBitcoin was $126 million, bringing the year-to-date total to $506 million. Bitcoin shorts received an influx of $1.3 million last week.

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Investments in Ethereum continue to decline – forLast week, the second largest cryptocurrency by capitalization lost $32 million. Thus, Ethereum experienced its ninth week of money outflow, which indicates continued bearish investor sentiment.

In multi-currency based products$4.3 million was invested in cryptocurrencies last week. At the same time, during the period of general negative price movement in the market, a constant influx of capital was observed in this segment all the time. The authors of the report noted that investors were practically not interested in altcoins - in a volatile market, traders found a calmer haven, which was Bitcoin.

Last week, cryptocurrency investor andAltcoin Daily co-host Austin Arnold expressed the opinion that the Chainlink, Avalanche and Cardano projects are profitable for investment in the falling cryptocurrency market.