Digital asset investment research firm CoinShares says that the US government’s approval of using crypto in retirement 401(k) plans has sparked more inflows from institutional crypto investors.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares says that institutional investors poured hundreds of millions into crypto investment vehicles last week, following a week of minor outflows.
“Digital asset investment products returned to inflows last week, totaling US$572m.
Early in the week, outflows reached US$1bn, which we believe were driven by growth concerns stemming from weak US payroll figures. In the latter half of the week, however, we saw US$1.57bn of inflows, likely spurred by the government’s announcement permitting digital assets in 401(k) retirement plans.
Volumes in digital asset ETPs were 23% lower than the prior month, likely due to the quieter summer months.”
Following two weeks of outflows, Bitcoin (BTC) investment vehicles enjoyed $260 million in inflows last week. However, Bitcoin was outpaced by one large-cap crypto.
“Ethereum ETPs (exchange-traded products) led the market, attracting the highest inflows of any asset at US$268m. This pushed year-to-date inflows to a new record of US$8.2bn, while recent price gains have driven total assets under management to an all-time high of US$32.6bn, up 82% so far this year.”
Near Protocol (NEAR), XRP and Solana (SOL) ETPs enjoyed inflows of $10.1 million $18.4 million and $21.8 million, respectively.
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