Institutional investors poured a whopping $2.2 billion into cryptocurrency investment products last week, setting a new record for the year. This is according to CoinShares’ latest report on digital asset fund flows.
Billions Flowing In
The report highlights that the total inflow for the week reached $2.2 billion, bringing the year-to-date total to a staggering $33.5 billion. This massive influx began after interest rates started to drop in September, accumulating to a total of $11.7 billion since then. While the first half of the week saw a massive $3 billion inflow, Bitcoin’s price hitting record highs later in the week led to some outflows totaling $866 million. Despite this, total assets under management (AuM) still reached a new peak of $138 billion earlier in the week.
Where Did the Money Go?
The US led the way with the majority of the inflow, at $2.2 billion. Bitcoin (BTC) was the star performer, attracting $1.48 billion. Ethereum (ETH) also saw significant inflows at $646 million, while Solana (SOL) received $24 million.
Reasons Behind the Rush
CoinShares suggests the surge is likely due to a combination of factors: the Federal Reserve’s easing monetary policy and the recent Republican electoral wins.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies. Investing in crypto is risky, and you could lose money.
/p>
