Crypto asset manager and research firm CoinShares says institutional investors poured millions of dollars into altcoin digital asset investment products last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares says crypto products enjoyed inflows last week after record-setting levels of outflows.
“Digital asset investment products saw US$226m of inflows last week suggesting a positive but cautious investor. Following the largest outflows on record, ETPs have seen 9 consecutive trading days of inflows.
Last Friday was the exception, seeing minor outflows totaling US$74m, likely in reaction to core personal consumption expenditure in the US coming in above expectations, implying the US Federal Reserve is likely to remain hawkish despite recent data alluding to weak growth.”
Bitcoin (BTC) products, as usual, led the charge with $195 million in inflows. The king crypto was followed by altcoins, which broke a month-long streak of outflows. Leading inflows were Ethereum (ETH), Solana (SOL), XRP and Sui (SUI).
“Altcoins in aggregate saw their first week of inflows totaling US$33m, following 4 consecutive weeks of outflows totaling US$1.7bn. The key beneficiaries being Ethereum, Solana, XRP and Sui, with inflows of US$14.5m, US$7.8m, US$4.8m and US$4.0m respectively.”
Regionally, the US led the world with $204 million in inflows. Switzerland and Germany also pitched in $14.7 and $9.2 million in inflows, respectively.
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