International digital asset tracking and management firm CoinShares says institutional crypto investors continued their five-week buying spree last week.
According to Coinshares, institutional whales poured over $1 billion into crypto products last week despite or perhaps because of market weakness.
“Digital asset investment products saw inflows totaling for the 5th consecutive week totaling US$1.3bn, bringing inflows for the year so far to US$7.3bn. Recent price declines saw total assets under management in ETPs (exchange-traded products) fall to US$163bn, down from its all-time high set in late January of US$181bn. Trading volumes for the week held steady at US$20bn.”
The US led the world regionally with $1 billion in inflows. Germany, Switzerland, and Canada also provided $61 million, $54 million, and $37 million, respectively.
Even though Bitcoin (BTC) raked in $407 million last week, there was a surprising new leader for taking the lion’s share of inflows.
“Ethereum stole the show this week, with the price falling recently close to US$2,100 leading to significant buying-on-weakness with inflows of US$793m, outpacing bitcoin for the first time this year.”
While multi-asset investment vehicles, or products investing in a basket of digital assets, brought in $14.4 million in inflows, XRP led all non-ETH altcoins at $21.1 million in inflows. Solana (SOL) products brought in $11.2 million in inflows last week while Sui (SUI) investment vehicles enjoyed $4.3 million in inflows.
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Author: Daily Hodl Staff
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