Crypto asset manager and research firm CoinShares says institutional investors poured millions of dollars into digital asset investment vehicles last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares says crypto products finally snapped their worst run of investor outflows in 10 years.
“Digital asset investment products saw a reversal last week, breaking a five-week streak of outflows, with inflows totaling US$644m. Total assets under management have risen by 6.3% from their low point on March 10th.
Notably, every day last week recorded inflows, following a 17-day consecutive run of outflows — signaling a decisive shift in sentiment toward the asset class.”
The United States provided the majority of inflows at $632 million. However, the US wasn’t alone in pouring money into crypto investment vehicles. Switzerland, Germany and Hong Kong also raked in $16 million, $14 million, and $1.2 million in crypto inflows, respectively.
Bitcoin (BTC), as is its custom, enjoyed the majority of inflows at $724 million. This ended a five-week outflow streak, adding up to nearly $5.5 billion.
Solana (SOL), Polygon (MATIC) and Chainlink (LINK) investment vehicles saw inflows of $6.4 million, $0.4 million, and $0.2 million, respectively.
Meanwhile, Ethereum (ETH), Sui, Polkadot (DOT), Tron (TRX) and Algorand (ALGO) products suffered $86 million, $1.3 million, $1.3 million, $0.95 million, and $0.82 million in outflows, respectively.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Featured Image: Shutterstock/Sagi Agung W/Mingirov Yuriy
Read the full article here