Digital assets manager CoinShares says institutions resumed investing in crypto products last week after a brief break.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products brought in $862 million in inflows last week, nearly erasing the prior week’s $931 million outflows.
“While this recovery is encouraging, ETF (exchange-traded fund) activity is slowing down, with daily trading turnover now at US $5.4 billion, down 36% relative to its peak 3 weeks ago, although this remains well above the US$ 347 million 2023 average, implying the initial market hype is cooling.”
Regionally, the US brought in most of the inflows at $897 million, which was offset by outflows from Europe and Canada that reached $49 million.
Bitcoin (BTC), per usual, reaped the lion’s share of inflows.
“Bitcoin saw inflows totaling US $865 million last week, with renewed appetite from new ETF issuers in the US, seeing US $1.8 billion inflows, offset by Grayscale’s US $967 million outflows. Short-bitcoin saw outflows for the second week, totaling US $2 million.”
Leading smart contract Ethereum (ETH) suffered outflows of $19 million, the fourth consecutive week of losses for ETH products.
“Ethereum saw a 4th week of outflows of US $19 million, being a common trait post network upgrades, reflecting investor apprehension of their success.”
ETH-rival Solana (SOL) brought in $6.1 million of inflows while Filecoin (FIL), Polkadot (DOT) and Chainlink (LINK) brought in $3.9 million, $2.4 million, and $1.9 million, respectively.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, 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 losses 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/Aleksandr Kukharskiy/Chuenmanuse
