Institutional investors are piling into crypto, setting new records for investment this year.
Record-Breaking Crypto Inflows
CoinShares, a digital asset management firm, reports a massive surge in institutional investment in crypto products. Last week alone saw $270 million in net inflows, pushing the total for the year to a whopping $37.3 billion – a new all-time high. This is despite some unusual market activity, including a slowdown in ETF trading.
The US led the charge, with $266 million in inflows, followed by Hong Kong and Germany. However, Switzerland and Canada saw minor outflows.
Bitcoin Takes a Dip, Ethereum Soars
While Bitcoin experienced outflows of $457 million following its failed attempt to break the $100,000 mark, Ethereum saw a completely different story.
Ethereum’s Dramatic Turnaround
Ethereum (ETH) recorded a massive $634 million in inflows last week. This brings its total inflows for the year to $2.2 billion, surpassing its 2021 record. CoinShares notes a “dramatic turnaround” in institutional sentiment towards Ethereum.
XRP Also Sees Gains
XRP also saw significant inflows of $95 million, potentially fueled by anticipation surrounding a possible XRP exchange-traded fund (ETF).
Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
