Institutional investors poured £230 million into crypto last week
Over the past week, institutional investors invested more than £230 million in digital assets. Judging by the latest data, the year-to-date crypto inflows have reached a record high of £7.2 billion.
Summing up the results
Yesterday, a CoinShares digital asset report was published, stating that last week, “digital asset investment products saw inflows totalling $306 (£230) million, bringing month-to-date inflows to $787 (£593) million and year-to-date inflows to a record $9.5 (£7.2) billion. Continued price pressures saw total assets under management (AuM) fall from $75.4 (£56.9) billion to $72.8 billion Bitcoin saw the largest inflows in five weeks, totalling $247 (£186) million following the launch of another investment product in Europe. This brings the 11-week run of inflows to $2.7 (£2) billion. Crypto asset Ethereum saw inflows totalling $23 million (£17) last week, marking its fifth consecutive week of inflows.”
£186 million was invested in Bitcoin, which is the largest inflow in the last five weeks. This is partly due to the launch of another BTC investment product in Europe. With that, global Bitcoin assets under management have reached £36 billion, while approximately £17 million has been invested in Ethereum.
Over the past few days, Bitcoin’s and Ethereum’s prices have been changing dramatically. Yesterday, BTC was trading at around $58,700, and ETH was in the $4,500 area.
Multi-asset crypto products
Apart from BTC and ETH, pay attention to Polkadot (DOT) and Solana (SOL), which attracted £8.67 million and £11 million, respectively. These multi-assets rank third among investment products with a total of £3.5 billion in assets under management.
Altcoin dominance seems to be growing rapidly. Despite the fact that Bitcoin is still the most popular cryptocurrency, investors are starting to pay more and more attention to other digital assets, such as BNB, Solana, and Polkadot.
Perhaps BTC will soon give way to other assets. So, don’t ignore promising cryptocurrencies – consider them alternative investments.
Recevez un condensé de l’actualité dans le monde des cryptomonnaies en vous abonnant à notre nouveau service dequotidienne et hebdomadaire pour ne rien manquer de l’essentiel Cointribune !
Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.