Digital asset manager CoinShares says institutional investors are flooding to newly-created layer-1 crypto investment products.
While Bitcoin (BTC) enjoyed over $20 million in inflows and Ethereum (ETH) broke a nine-week outflow trend, institutions also flocked to newly created altcoin investment products for Terra (LUNA), Tezos (XTZ), and Cosmos (ATOM).
“Recently created altcoin investment products, Terra, Tezos and Cosmos all saw inflows totaling US$2.2m, US$0.9m and US$0.6m respectively.”
The largest crypto by market cap, Bitcoin, sustained the largest share of inflows last week, reaching $25 million and capping off a four-week run of inflows, according to CoinShares.
After nine weeks of outflows, leading smart contract platform and second-biggest crypto by market cap Ethereum had the second-largest amount of institutional inflows last week.
“Ethereum finally broke its 9-week spell of outflows with inflows totaling US$21m last week.”
Investment products containing multiple digital assets, also known as multi-asset digital investment products, received inflows of nearly $20 million last week.
“Multi-asset (coin) investment products remain popular with inflows totaling US$19m last week…”
“Solana and [XRP] saw inflows totaling US$3.1m and US$2m respectively.”
According to CoinShares, there is currently a slight difference in inflows depending on geography.
“There are some regional variances, with US$5.5m of outflows in the Americas and US$80.7m of inflows into
European investment products.”
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/nurakmal1992