Digital asset management firm CoinShares announced that institutional investors poured $598 million into crypto investment products last week, marking the fourth consecutive week of inflows.
In its latest Digital Asset Fund Flows report, CoinShares said that inflows into crypto investment products are approaching $6 billion since the start of the year.
“Weekly inflows into digital asset investment products totaled US$598 million, the fourth consecutive week of inflows. Year-to-date inflows have exceeded US$5.7 billion, accounting for 55% of inflows recorded in 2021.”
According to CoinShares, the United States had the largest inflows at $610 million, even as Grayscale suffered an outflow of $436 million during the same period.
“Brazil and Switzerland saw smaller inflows of $8.2 million and $2.1 million respectively, while Canada and Sweden saw outflows of $18 million and $8 million respectively.”
As usual, Bitcoin (BTC) captured the lion's share of inflows with $570 million. Inflows into BTC short products were much smaller at $3.9 million.
Solana (SOL) suffered a $3 million outflow believed to be related to a recent network outage, while Ethereum (ETH), Chainlink (LINK), and XRP saw inflows.
“Ethereum recorded inflows of $17 million last week, while Chainlink and XRP recorded inflows of $1.8 million and $1.1 million, respectively.”
Multi-asset crypto investment products, which invest in multiple cryptocurrencies, brought in $6.8 million last week, with Litecoin (LTC) and Cardano (ADA) bringing in $1 million and $400,000, respectively, during the same period.
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