Institutions Invest $1,118,000,000 in Capital in Crypto Markets as Bitcoin ETF Launches: CoinShares
Digital asset manager CoinShares says institutions are pouring billions into Bitcoin (BTC) and cryptocurrencies following last week's landmark BTC Exchange Traded Fund (ETF) approval.
In its latest Digital Asset Fund Flows report, CoinShares notes that BTC investment products dominated $1.18 billion in inflows last week following the spot BTC ETF approval from the US Securities and Exchange Commission (SEC). .
“Digital investment products recorded $1.18 billion in inflows last week (subject to T+2 settlement), although this did not break the record set at the launch of futures-based Bitcoin ETFs, which totaled $1.5 billion in October 2021.”
Source: CoinShares/Digital Asset Fund Flows Report
According to the digital asset manager, while inflows were not an all-time record, exchange traded product (ETP) volumes hit a record last week.
“However, ETP trading volume broke records, reaching $17.5 billion last week, the highest on record, compared to an average of $2 billion per week in 2022.”
In line with its dominant market share, BTC took home the most inflows, collecting a total of $1.16 billion.
Ethereum (ETH) and other altcoins also performed consistently well. ETH saw inflows of $25.7 million, while multi-asset investment vehicles brought in $5.6 million. According to CoinShares, XRP, Cardano (ADA), Litecoin (LTC), Solana (SOL), and Polkadot (DOT) recorded inflows of $2.2, $1.4, $0.8, $0.5, and $0.2 million.
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