Digital assets manager CoinShares says institutional investors dropped over three billion dollars into crypto products last week.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in net inflows of $3.13 billion last week, a new inflow record.
“Digital asset investment products saw the largest weekly inflows on record, totaling US$3.13bn, bringing total inflows since mid-September, when interest rates were first cut in the US, to US$15.2bn. Year-to-date inflows now stand at a record $37bn, driven primarily by Bitcoin, far outpacing the debut of US Gold ETFs, which attracted just $309 million in their first year.”
The US led the world regionally in inflows at $3.2 billion. Germany, Sweden, and Switzerland cut into the inflows with a total combined $141 million in outflows.
“More positive sentiment was seen in Australia, Canada and Hong Kong, with inflows of US$9m, US$31m and US$30m respectively.”
Bitcoin (BTC) took the lion’s share of profits at $3 billion. Solana (SOL) surpassed rival smart contract platform Ethereum (ETH) with $16 million in inflows compared to ETH’s $2.8 million. XRP, Litecoin (LTC), and Chainlink (LINK) raked in $15 million, $4.1 million, and $1.3 million, respectively, while multi-asset investment vehicles, those investing in more than one crypto, brought in inflows to the tune of $10.5 million.
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