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.
[adinserter block="1"]“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.
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