Digital assets manager CoinShares says that institutional investors dropped nearly a billion dollars into crypto products last week.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $901 million on net last week.
“Digital asset investment products saw inflows of US$901m, with inflows this month representing 12% of total assets under management, making it the 4th largest month of inflows on record. Total inflows this year now total US$27bn, nearly triple the 2021 record, with inflows of US$10.5bn.”
CoinShares surmises that the increase in inflows is due to political hype in the US, referring to an evident correlation between inflows and the Republican’s favorability in polls.
The US led inflows regionally at $906 million. Germany and Switzerland also brought in inflows of $14.7 and $9.2 million. Meanwhile, Canada, Brazil and Hong Kong saw outflows of $10.1 million, $3.6 million and $2.7 million, respectively.
Per usual, Bitcoin (BTC) products enjoyed the majority of the inflows at $920 million. Smart contract platforms Ethereum (ETH) and Solana (SOL) products, however, suffered outflows of $35 million and $10.8 million, respectively.
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