CoinShares, a digital assets manager, reports that institutional crypto products experienced significant inflows last week. According to the latest Digital Asset Fund Flows report by CoinShares, institutional investors are increasing their allocations to cryptocurrency as digital asset investment products continue to see consecutive weeks of inflows.
The report indicates that digital asset investment products received inflows totaling $293 million last week, marking the seventh straight week of inflows and bringing year-to-date inflows to $1.14 billion, making it the third-highest yearly inflow on record.
Bitcoin (BTC) exchange-traded product (ETP) investors may be driving much of the volume of inflows, with BTC products seeing inflows totaling $240 million last week, bringing year-to-date inflows for Bitcoin to over one billion.
Additionally, Ethereum (ETH) saw its largest inflows since August 2022, totaling $49 million. This turnaround in sentiment is likely related to the recent spot-based ETF listing request in the US. ETH-rivals Solana (SOL) and Cardano (ADA) also saw significant inflows.
Hot Take
Institutional investors are showing strong confidence in cryptocurrency ETPs, with inflows surpassing the $1 billion mark for 2023. This trend indicates growing interest and trust from traditional financial entities in digital asset investment products, particularly for Bitcoin and Ethereum.
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