Last week, institutional investors poured nearly a billion dollars into crypto products, according to CoinShares, a digital asset manager.
Big Money, Big Month
CoinShares’ latest report shows that institutional crypto investment products saw a massive surge in inflows, totaling $901 million. This makes it the fourth-largest month for inflows on record, with this month’s inflows representing 12% of total assets under management. Overall, inflows for the year have reached $27 billion, almost triple the record set in 2021.
Politics and Crypto
CoinShares believes the surge in inflows is linked to political hype in the US. They see a correlation between inflows and the favorability of the Republican party in polls.
Where the Money Went
The US led the way with $906 million in inflows, followed by Germany and Switzerland with $14.7 million and $9.2 million respectively. However, Canada, Brazil, and Hong Kong saw outflows of $10.1 million, $3.6 million, and $2.7 million respectively.
Bitcoin Leads the Charge
Bitcoin (BTC) products were the biggest beneficiaries of the inflows, attracting $920 million. However, smart contract platforms Ethereum (ETH) and Solana (SOL) saw outflows of $35 million and $10.8 million respectively.
Disclaimer: This information is for general knowledge and not financial advice. Always do your own research before investing in cryptocurrencies.
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