Digital assets manager CoinShares says institutional investment in crypto products last week helped push inflows to their highest-ever year-to-date levels.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products brought in $646 million in inflows last week.
“Digital asset investment products saw continued positive sentiment with inflows totaling US $646 million last week. inflows year-to-date at US$13.8 billion are at their highest ever level, now far surpassing the US $10.6 billion seen in 2021.”
However, according to CoinShares, weekly flows are still down from March, when Bitcoin (BTC) exchange-traded fund (ETF) hype was at its peak, leading the digital assets manager to speculate that ETF hype is dying down.
Furthermore, CoinShares says trading volumes are also down from early March – dropping from $43 billion to $17.4 billion.
International crypto sentiment remains divided, according to CoinShares.
“The US saw a further US $648 million inflows, along with Brazil, Hong Kong and Germany seeing inflows of US $10 million, US $9 million and US $9.6 million respectively. While Switzerland and Canada saw outflows of US $27 million and US $7.3 million respectively.”
Per usual, BTC received the lion’s share of inflows at $663 million.
“While short-bitcoin investment products saw outflows for the 3rd week in a row totaling US $9.5 million, suggesting minor capitulation amongst bearish investors.”
While Litecoin (LTC), Solana (SOL) and Filecoin (FIL) enjoyed inflows of $4.4 million, $4 million, and $1.4 million respectively, Ethereum (ETH) investment products saw outflows for the fourth week in a row, totaling $22.5 million.
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- Source: https://dailyhodl.com/2024/04/08/13800000000-institutional-inflows-at-highest-ever-yearly-rate-far-surpassing-2021-record-coinshares/
