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Home»ALTCOIN NEWS»Ethereum and Cardano Lead Institutional Altcoin Inflows as Cryptocurrency ETPs Reach $1,100,000,000: CoinShares
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Ethereum and Cardano Lead Institutional Altcoin Inflows as Cryptocurrency ETPs Reach $1,100,000,000: CoinShares

By Crypto FlexsFebruary 13, 20242 Mins Read
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Ethereum and Cardano Lead Institutional Altcoin Inflows as Cryptocurrency ETPs Reach ,100,000,000: CoinShares
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Digital asset manager CoinShares said institutions have poured $1.1 billion into cryptocurrency investment products, a month after the U.S. Securities and Exchange Commission (SEC) approved a spot BTC exchange-traded fund (ETF). Yes.

In its latest Digital Asset Fund Flows report, CoinShares found that there were over $1 billion in inflows into cryptocurrency investment products last week, with no signs of slowing down.

“Digital asset investment products saw massive inflows totaling $1.1 billion, with annual inflows reaching $2.7 billion. Combined with recent price gains, total assets under management (AuM) stands at $59 billion, the highest level since early 2022.”

Source: CoinShares

Most inflows were concentrated in the BTC ETF, which reached nearly $3 billion last month, according to CoinShares. The company said that Bitcoin’s price rise has “boosted sentiment” towards Ethereum (ETH) and Cardano (ADA). Both saw more inflows than the rest of the altcoin market.

“Regionally, the focus has been on newly minted spot-based Bitcoin ETFs in the US. Net inflows last week were $1.1 billion, and since its launch on January 11, inflows have reached $2.8 billion. Outflows from incumbents have slowed significantly, but the potential sale of Genesis’ $1.6 billion holdings could trigger further outflows in the coming months.

Bitcoin accounted for almost 98% of inflows, and the price rise also heightened sentiment towards Ethereum and Cardano.”

As usual, BTC accounted for the lion’s share of inflows, accounting for $1.09 billion or 98% of last week’s inflows. Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), and Tron (TRX) recorded inflows of $16 million, $6 million, $500,000, $400,000, and $400,000, respectively. .

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Featured image: Shutterstock/Naeblys/INelson

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