International digital asset tracking and management firm CoinShares says institutional crypto investors continued their five-week buying spree last week.
According to Coinshares, institutional whales poured over $1 billion into crypto products last week despite or perhaps because of market weakness.
“Digital asset investment products saw inflows totaling for the 5th consecutive week totaling US$1.3bn, bringing inflows for the year so far to US$7.3bn. Recent price declines saw total assets under management in ETPs (exchange-traded products) fall to US$163bn, down from its all-time high set in late January of US$181bn. Trading volumes for the week held steady at US$20bn.”
The US led the world regionally with $1 billion in inflows. Germany, Switzerland, and Canada also provided $61 million, $54 million, and $37 million, respectively.
Even though Bitcoin (BTC) raked in $407 million last week, there was a surprising new leader for taking the lion’s share of inflows.
“Ethereum stole the show this week, with the price falling recently close to US$2,100 leading to significant buying-on-weakness with inflows of US$793m, outpacing bitcoin for the first time this year.”
While multi-asset investment vehicles, or products investing in a basket of digital assets, brought in $14.4 million in inflows, XRP led all non-ETH altcoins at $21.1 million in inflows. Solana (SOL) products brought in $11.2 million in inflows last week while Sui (SUI) investment vehicles enjoyed $4.3 million in inflows.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
