Digital asset manager CoinShares said institutions poured $598 million into cryptocurrency investment products last week, marking the fourth consecutive week of inflows.
CoinShares said in its latest Digital Asset Fund Flows report that annual inflows into cryptocurrency investment products are approaching $6 billion.
“Digital asset investment products recorded weekly inflows totaling $598 million, marking the fourth consecutive week of inflows. Year-to-date inflows now exceed US$5.7 billion, accounting for 55% of the record inflows seen in 2021.”
According to CoinShares, the United States recorded the highest inflows at $610 million, despite Grayscale experiencing outflows of $436 million during the same period.
“Brazil and Switzerland recorded modest inflows of US$8.2 million and US$2.1 million, respectively, while Canada and Sweden recorded outflows of US$18 million and US$8 million, respectively.”
As usual, Bitcoin (BTC) enjoyed the highest inflows at $570 million. Short BTC products saw much smaller inflows at $3.9 million.
Solana (SOL) recently experienced an outflow of $3 million due to a network outage, while Ethereum (ETH), Chainlink (LINK), and XRP also experienced inflows.
“Ethereum recorded inflows of USD 17 million last week, while Chainlink and XRP saw inflows of USD 1.8 million and USD 1.1 million respectively.”
Multi-asset cryptocurrency investment products, which invest in more than one cryptocurrency, brought in inflows of $6.8 million last week. During the same period, Litecoin (LTC) and Cardano (ADA) earned $1 million and $400,000.
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