Digital asset manager CoinShares said last week that institutional investment in cryptocurrency products had helped drive inflows to record highs.
CoinShares said in its latest Digital Asset Fund Flows report that digital asset investment products brought in inflows of $646 million last week.
“Digital asset investment products continued their positive momentum last week with inflows totaling $646 million. Annual inflows are at an all-time high of US$13.8 billion and now far exceed the US$10.6 billion received in 2021.”
However, according to CoinShares, weekly trading volume is still down from March when the Bitcoin (BTC) exchange-traded fund (ETF) hype was at its peak, leading digital asset managers to speculate that the ETF hype is fading.
Additionally, CoinShares reported that trading volume has decreased from $43 billion to $17.4 billion since the beginning of March.
According to CoinShares, international cryptocurrency sentiment remains divided.
“An additional USD 648 million came from the United States, while Brazil, Hong Kong and Germany saw inflows of USD 10 million, USD 9 million and USD 9.6 million respectively. Switzerland and Canada saw outflows of $27 million and $7.3 million, respectively.”
As usual, BTC received the most inflows at $663 million.
“Short Bitcoin investment products have seen outflows totaling $9.5 million for the third week in a row, suggesting some capitulation among bearish investors.”
Litecoin (LTC), Solana (SOL), and Filecoin (FIL) recorded inflows of $4.4 million, $4 million, and $1.4 million, respectively, while Ethereum (ETH) investment products recorded a total of 22.5 million for four consecutive weeks. Recorded dollar outflow.
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