Amid crypto bear market, institutional investors scoop up Bitcoin: CoinShares
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Bitcoin investment products saw $126 million in net inflows in the week ending Saturday. Year-to-date, Bitcoin investment funds have quietly added $506 million. Investors appear to be allocating to Bitcoin at the expense of Ether (ETH) and other altcoins. Bitcoin narrowly avoided its tenth down week in a row by closing at $29,900 on Sunday — a mere $450 higher than the previous week. In addition to the CoinShares report, a Canadian spot Bitcoin exchange-traded fund operated by Purpose Investments scooped up thousands of BTC last month. By May 13, the Purpose Bitcoin ETF had registered its highest-ever Bitcoin holdings at 41,600 BTC Source