According to digital asset management firm CoinShares, last week saw the eighth consecutive week of high inflows into crypto products for institutional investors across the board.
CoinShares revealed in its latest Digital Asset Fund Flow Report that institutional investors continue to increase their allocations to cryptocurrencies with the altcoin spearhead Solana (SOL) investment product.
“Inflows into digital asset investment products reached a weekly total of US$176 million last week, continuing for eight weeks now, bringing year-to-date inflows to US$1.32 billion.”
CoinShares also takes into account annual inflows and compares inflows with previous years.
“However, inflows are far behind 2021 and 2020, which were USD 10.7 billion and USD 6.6 billion, respectively.”
According to CoinShares, much of the surge in cryptocurrency trading volume has come from exchange traded product (ETP) investors.
“ETP trading volume averages $3 billion per week, double this year's average of $1.5 billion. Interestingly, the share of ETPs in total crypto volume has been rising, with the long-term historical That's an average of 11% compared to an average of 3.4%, which is well above the average seen during the 2020/21 bull market.”
King cryptocurrency Bitcoin (BTC) led the way with $154.7 million in inflows. Solana product raised $13.6 million as interest in Ethereum (ETH) competitors continues to grow. Inflows into Ethereum reached $3.3 million, while inflows into Litecoin (LTC), Cardano (ADA), and XRP products each amounted to less than $1 million.
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