Digital assets manager CoinShares says institutions poured two billion dollars into crypto products last week alone.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products reached $2 billion last week, equaling the totals from the four weeks prior.
“Digital asset investment products saw inflows totaling US $2bn, bringing this recent five-week run of inflows to US$4.3bn. Trading volumes in ETPs rose to US$12.8bn for the week, 55% up from the week prior. Unusually, inflows were seen across almost all providers, with a continued slowdown in outflows from incumbents. We believe this turnaround in sentiment is a direct response to weaker than expected macro data in the US, bringing forward monetary policy rate cut expectations.”
Regionally, the United States raked in nearly $2 billion in inflows alone, seeing the record third-largest daily inflow records on the first day of the period.
The largest crypto by market cap, Bitcoin (BTC), per usual, took the lion’s share of the inflows at $1.97 billion.
“… while short-bitcoin saw outflows for the 3rd week in a row totaling US$5.3m.”
Ethereum (ETH) led all altcoins with $69 million in inflows. XRP, Chainlink (LINK), Solana (SOL) and BNB brought in $1.2 million, $0.7 million, $0.7 million, $0.7 million and $0.2 million, respectively.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney