In a recent report released by digital assets manager CoinShares, it was revealed that institutional investors poured over three billion dollars into crypto products in the past week. This surge in net inflows of $3.13 billion set a new record for institutional crypto investment products.
According to the report, digital asset investment products experienced the largest weekly inflows on record, totaling $3.13 billion. Since mid-September, when interest rates were first cut in the US, total inflows have reached $15.2 billion. Year-to-date inflows now stand at a record $37 billion, driven primarily by Bitcoin. This surpasses the debut of US Gold ETFs, which attracted only $309 million in their first year.
The United States led globally in inflows, with $3.2 billion pouring into the market. However, Germany, Sweden, and Switzerland saw a total combined outflow of $141 million, cutting into the overall inflows. On a positive note, Australia, Canada, and Hong Kong saw inflows of $9 million, $31 million, and $30 million, respectively.
Bitcoin (BTC) dominated the market with $3 billion in profits, while Solana (SOL) surpassed Ethereum (ETH) with $16 million in inflows compared to ETH’s $2.8 million. Other cryptocurrencies like XRP, Litecoin (LTC), and Chainlink (LINK) also saw significant inflows of $15 million, $4.1 million, and $1.3 million, respectively. Multi-asset investment vehicles, which invest in more than one cryptocurrency, brought in inflows of $10.5 million.
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With institutional investors showing a growing interest in digital assets, the cryptocurrency market continues to attract significant investments. As the industry evolves, it will be interesting to see how these inflows impact the overall market dynamics.