Bitcoin investors see the cryptocurrency ban in China as a buying opportunity

Bitcoin investors around the world are not worried about the latest cryptocurrency ban from China. In fact, institutional investors have increased the accumulation of the world's largest crypto asset.

Rally in sight?

According to the recent Digital Asset Weekly Fund Flows report released by CoinShares, Bitcoin investment products attracted $ 50 million in inflows last week. Ethereum, the world's second most valuable digital asset by market capitalization, saw inflows of $ 29 million over the same time period.

In addition to Bitcoin and Ethereum, many other digital currencies including Solana (SOL), Cardano (ADA) and Polkadot (DOT) also attracted significant inflows last week. Overall, digital asset investment products have seen inflows of $ 95 million over the past week.

“Bitcoin has seen the largest inflows of any investment product, totaling $ 50 million, although in the past two quarters it has suffered the brunt of negative investor sentiment. Last week marks only the 4th week of inflows in the past 17. Ethereum followed Bitcoin with inflows totaling $ 29 million last week. Sentiment has remained relatively positive for Ethereum as the amount staked on Eth 2.0 advances, ”the report said.

Since the beginning of 2021, the total value of Bitcoin-related investment products has increased significantly. Grayscale, the largest cryptocurrency asset manager in the world, now has over $ 28 billion worth of BTC assets under management.

Bitcoin vs Altcoin

In terms of institutional investment, Bitcoin is still the cryptocurrency of choice for global investors. However, other digital assets including Ethereum, Solana, Cardano, and XRP have seen a significant increase in overall market share over the past 8 months. "From the point of view of assets under management (AuM), both Solana and Polkadot continue to record outsized inflows totaling $ 3,9 million and $ 2,4 million, representing 4,5% and 3,2% of AuM, ”added CoinShares.

The overall market capitalization of cryptocurrencies has seen a steep decline in the past 24 hours. Bitcoin dipped below $ 43.000 while Ethereum hit a low of $ 2.910. Cardano, Binance Coin, XRP, and Solana also fell during the mentioned period.

However, this may just be the best time to buy cryptocurrencies, and it is possible to do so with automated trading platforms such as Bitcoin Pro, which guarantees excellent results even to those who have no experience in this sector. Let us know in the comments below if you have tested the platform and what you think.