Digital assets manager CoinShares says institutional crypto products saw heavy inflows across the board last week.
In its latest Digital Asset Fund Flows report, CoinShares finds that institutional investors are upping their allocations to crypto as digital asset investment products see their seventh consecutive week of inflows.
“Digital asset investment products saw inflows totaling US $293 million last week, bringing this 7-week run of inflows past the US $1 billion mark, leaving year-to-date inflows at US $1.14 billion, making it the third highest yearly inflows on record.”
According to CoinShares, Bitcoin (BTC) exchange-traded product (ETP) investors could be driving much of the inflow volumes.
“Bitcoin ETP trading volumes made up as much as 19.5% of total Bitcoin trading volumes on trusted exchanges. This has rarely happened and suggests ETP investors are participating much more in this rally compared to 2020/21.”
BTC products saw inflows last week that totaled $240 million, bringing the king crypto’s year-to-date inflows to over one billion. Meanwhile, Ethereum (ETH) appears to be in the middle of a turnaround after a year of heavy outflows on the leading smart contract platform.
“Ethereum, saw its largest inflows since August 2022 of US $49 million, with the last 2 weeks signifying a real turnaround in sentiment, likely related to the recent spot-based ETF listing request in the US.”
ETH-rivals Solana (SOL) and Cardano (ADA) saw inflows of $12.4 million and $0.8 million, respectively.
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The post Institutional Capital Flows Into Crypto ETPs Cracks $1,000,000,000 Mark for 2023: CoinShares appeared first on The Daily Hodl.
