Digital assets manager CoinShares says institutions poured over a billion dollars into crypto products last week amid the U.S. Securities and Exchange Commission’s (SEC) Ethereum (ETH) exchange-traded product (ETP) approval.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products reached a new record last week when crypto exchange products reached $14.9 billion in inflows, year-to-date so far.
“Digital asset investment products saw inflows for the third consecutive week totaling $1.05bn, with cumulative flows representing an all-time record of US$14.9bn for the year so far.”
Furthermore, last week’s activity has pushed the total assets under management of crypto ETPs to nearly $100 billion.
The US provided most of the inflows at $1.03 billion, followed by Germany and Switzerland at $48 million and $30 million. According to CoinShares, massive outflows came from one surprise region.
“Disappointingly, since the initial positive launch of Bitcoin spot-based ETFs in Hong Kong, (which saw $300 million in the first week) there have been further outflows last week of $29 million.”
Bitcoin (BTC) took the lion’s share of inflows at $1.01 million.
“… while short-Bitcoin suffered another week of outflows totaling $4.3 million, suggesting sentiment is turning broadly positive despite the recent price rises.”
Ethereum saw positive inflows of $36 million last week. According to CoinShares, the inflows are likely a knee-jerk reaction to the SEC’s approval of eight spot ETH ETFs on May 23.
Solana (SOL), Litecoin (LTC), XRP and Chainlink (LINK) also enjoyed inflows of $8 million, $2.8 million, $0.4 million and $0.6 million, respectively.
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