CoinShares, a prominent international digital asset tracking and management firm, has reported that institutional crypto investors continued their trend of buying cryptocurrencies for the fifth consecutive week. Despite the market’s weakness, institutional whales injected over $1 billion into crypto products last week.
In a recent report by CoinShares, it was revealed that digital asset investment products witnessed inflows totaling $1.3 billion, bringing the year’s total inflows to $7.3 billion. However, recent price declines led to a decrease in total assets under management in exchange-traded products (ETPs) from its peak of $181 billion in late January to $163 billion. Nonetheless, trading volumes remained stable at $20 billion for the week.
The United States led the way regionally with $1 billion in inflows, followed by Germany with $61 million, Switzerland with $54 million, and Canada with $37 million. Despite Bitcoin attracting $407 million in inflows, Ethereum emerged as the surprise leader, capturing the majority of inflows with $793 million, outpacing Bitcoin for the first time this year.
Multi-asset investment vehicles saw $14.4 million in inflows, while XRP led all non-ETH altcoins with $21.1 million in inflows. Solana (SOL) products brought in $11.2 million, and Sui (SUI) investment vehicles enjoyed $4.3 million in inflows.
As the crypto market continues to evolve, institutional investors are showing a growing interest in digital assets. With Ethereum taking the spotlight and other altcoins gaining traction, the trend of institutional investment in cryptocurrencies is expected to continue in the coming weeks. Stay updated with the latest news and developments in the crypto space by subscribing to our email alerts and following us on social media platforms like Twitter, Facebook, and Telegram.
Image Source: Midjourney.