Digital assets manager CoinShares says that institutional crypto products raked in major inflows last week despite relative price weakness.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products enjoyed $1.44 billion in inflows last week.
“Digital asset investment products saw further buying on price weakness with inflows of US$1.44bn inflows last week, bringing year-to-date (YTD) inflows to a record US$17.8bn, far surpassing the 2021 inflows of US$10.6bn. Volumes remained low though at US$8.9bn for the week, compared to the 7-day average this year of US$21bn.”
The US region led inflows at $1.3 billion. Hong Kong, Switzerland and Canada brought in inflows of $55 million, $58 million and $24 million, respectively.
Switzerland hit a new yearly record of inflows.
Bitcoin (BTC) brought in $1.35 billion in inflows, its fifth-largest week on record.
“We believe price weakness due to the German Government bitcoin sales and a turnaround in sentiment due to lower than expect CPI in the US prompted investor to add to positions.”
Solana (SOL) enjoyed $4.4 million in inflows. Multi-asset crypto investment vehicles enjoyed $17.2 million in inflows while Ethereum (ETH) led all altcoins with $72.1 million. Litecoin (LTC), XRP and Cardano (ADA) also brought in inflows of $1.2 million, $1 million and $0.7 million, respectively.
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