Digital assets manager CoinShares says institutional investors have now allocated nearly $40 billion to crypto products this year.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in net inflows that brought yearly flows to $37.3 billion last week, a new record.
“Digital asset investment products saw inflows totaling US$270m last week, while the flows displayed an unusual dichotomy between assets within the asset class. Since the launch of options on US ETFs, despite their high initial volumes, we have not seen a commensurate rise in ETP volumes at US$22bn last week, compared to US$34bn the week prior. Total inflows this year so far are at a new record of US$37.3bn.”
The US region led the world with $266 million in inflows, followed by Hong Kong and Germany at $39 million and $12.3 million.
“Minor outflows were seen in Switzerland and Canada of US$26m and US$10m respectively.”
Following Bitcoin’s (BTC) unsuccessful push for the key psychological price level of $100,000 last week, BTC saw outflows of $457 million.
Meanwhile, Ethereum (ETH) set a new record for yearly inflows.
“In stark contrast, Ethereum saw inflows of US$634m, and has experienced a dramatic turnaround in sentiment which has seen year-to-date inflows hit US$2.2bn, finally beating its 2021 inflows record of US$2bn.”
XRP products brought in $95 million, possibly due to possibility of an upcoming XRP exchange-traded fund (ETF).
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here