Digital assets manager CoinShares says institutions poured $598 million into crypto investment products last week for a fourth consecutive week of inflows.
In its latest Digital Asset Fund Flows report, CoinShares says that year-to-date inflows for crypto investment products are nearing the $6 billion mark.
“Digital asset investment products saw weekly inflows totaling US$598m, marking the fourth consecutive week of inflows. Year-to-date inflows have now surpassed the US$5.7bn mark, accounting for 55% of the record inflows witnessed in 2021.”
According to CoinShares, the US saw the most inflows at $610 million despite Grayscale suffering $436 million in outflows over the same period.
“Brazil and Switzerland saw minor inflows at US$8.2m and US$2.1m respectively, while both Canada and Sweden saw outflows totaling US$18m and US$8m respectively.”
Per usual, Bitcoin (BTC) enjoyed the lion’s share of inflows at $570 million. Short BTC products saw much smaller inflows at $3.9 million.
While Solana (SOL) suffered $3 million in outflows possibly connected to a recent network outage, Ethereum (ETH), Chainlink (LINK) and XRP saw inflows.
“Ethereum saw $17m inflows last week, while Chainlink and XRP saw inflows of US$1.8m and US$1.1m respectively.”
Multi-asset crypto investment products, those investing in more than one crypto, brought in $6.8 million in inflows last week. Litecoin (LTC) and Cardano (ADA) brought in $1 million and $0.4 million over the same period.
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