![Bitcoin [BTC] sees a 'decisive turnaround' in sentiment; Etheruem [ETH] not far behind](https://www.tronweekly.com/wp-content/uploads/2021/10/austin-distel-DfjJMVhwH_8-unsplash-e1633442298738.jpg "Bitcoin [BTC] sees a 'decisive turnaround' in sentiment; Etheruem [ETH] not far behind 1")
The 2020-21 bull run was fueled by wealth managers, and institutional investors entering the Bitcoin [BTC] and the cryptocurrency market. Institutional investors are turning back to Bitcoin which coincided with the steady market recovery. This was revealed by CoinShares’ latest “Digital Asset Fund Flows Weekly” which stated that BTC investment products have recorded a third consecutive week of inflows.
The report revealed that BTC’s investment product saw inflows of a whopping $69 million last week. Zooming out, digital asset investment products saw inflows of US$90 million during the same time. This marked the seventh consecutive week of inflows adding up to a total of $411 million.
According to CoinShares, the “decisive turnaround” in sentiment could be due to the rising confidence in the asset class amongst the market players. Another reason for the renewed trend could be due to more flexible statements from the US Securities Exchange Commission [SEC] and the Federal Reserve.
Ethereum [ETH] is gaining favor over Bitcoin [BTC]
While Bitcoin continues to enjoy its position as the market leader, Ethereum [ETH] is also gaining traction at a rapid pace. After a brutal month of September, institutional investors have resorted to broadening their horizons. As a matter of fact, these high-profile market players are slowly diversifying their portfolio and shifting their focus away from Bitcoin and have turned to Ethereum [ETH].
As per CryptoCompare’s Data Asset Management Review for September, institutional investors are looking for a more favorable position on the world’s largest altcoin.
It was observed that assets under management [AUM] for BTC have plunged by 7.8% last month, thereby, dragging the total amount of BTC AUM to a little over $35 billion. According to the historical data, the latest figure is the lowest that Bitcoin AUM had ever been in a five-month period.
The same cannot be said for Ethereum. CryptoCompare also reported that Ethereum-based products have not followed Bitcoin’s decline. In fact, these products have increased as big money flowed into them. Additionally, Ethereum went on to register its highest market share of total AUM for crypto at approximately 26%.