Institutional investors are continuing their buying spree in the crypto market, pouring over $1 billion into crypto products last week. This comes despite – or perhaps because of – recent price dips.
A Billion-Dollar Week for Crypto
According to CoinShares, the total inflow into digital asset investment products reached $1.3 billion for the fifth week in a row. This brings the year-to-date total to a whopping $7.3 billion. While the overall assets under management dipped slightly to $163 billion (down from a January high of $181 billion), trading volume remained steady at $20 billion.
The US led the charge, accounting for $1 billion of the inflows. Germany, Switzerland, and Canada also saw significant investments, with $61 million, $54 million, and $37 million respectively.
Ethereum Outshines Bitcoin
Although Bitcoin still attracted substantial investment ($407 million), Ethereum was the real star. With its price recently hovering near $2,100, it saw massive “buying on weakness,” attracting $793 million in inflows. This marks the first time this year that Ethereum has outpaced Bitcoin in institutional investment.
Other Notable Performers
While multi-asset investment products saw a modest $14.4 million inflow, other altcoins also performed well. XRP led the pack among non-Ethereum altcoins with $21.1 million in inflows, followed by Solana (SOL) at $11.2 million and Sui (SUI) at $4.3 million.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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