Crypto investments are defying recent global instability, seeing a massive influx of cash.
Billions Flowing into Crypto
According to CoinShares, a leading investment firm, institutional investors poured over $1.9 billion into digital asset investment products last week alone. This marks the ninth straight week of inflows, totaling a staggering $12.9 billion over this period. Year-to-date, inflows have reached a record-breaking $13.2 billion. This is particularly noteworthy given the ongoing geopolitical tensions impacting other markets. CoinShares highlights that digital assets showed resilience, attracting investment alongside gold.
Where the Money’s Going
The United States led the charge, accounting for almost the entire $1.9 billion in inflows. Germany, Switzerland, and Canada also saw significant, though smaller, inflows. However, not all regions experienced growth; Hong Kong and Brazil saw outflows of $56.8 million and $8.5 million respectively.
Bitcoin and Ethereum Lead the Way
Bitcoin, after a brief period of outflows, saw a massive resurgence with $1.3 billion in inflows. Ethereum, a leading smart contract platform, continues its impressive run, adding another $583 million to its already substantial eight-week inflow total of $2 billion. Other cryptocurrencies like XRP and Sui also saw inflows after recent downturns.
Important Note
Remember, investing in cryptocurrencies is inherently risky. This information is for general knowledge and shouldn’t be considered financial advice. Always do your own research before investing.