[Blockchain Today Reporter Ji-eun Lee] Last week, the inflow of cryptocurrency investment products surpassed $57 billion, reaching an all-time high.
Digital asset manager CoinShares said in its weekly inflow report that net inflows to digital asset investment products increased by $99 million over the week ended March 19. Grayscale generated an inflow of $9.1 million, generating a total inflow of $2.33 billion per year. The trend towards Coinshares decreased by $25.9 million compared to the previous week. Annual inflows declined by $93 million.
Grayscale is the world’s largest existing digital asset manager, with assets under management on March 22 (local time) of $432 billion.
Excluding Ripple, all major assets tracked by Coinshares flowed into Bitcoin (BTC) with $85.3 million per week. Interestingly, bitcoin investment product volume was adjusted to $713 million per day last week, lower than the average of $1.1 billion so far this year.
Inflows to Ethereum (ETH) products increased by $7.8 million. Multi-asset funds generated $4.2 million.
Coinshares highlighted regional divisions in institutional demand, reporting declines in preferences in the United States and higher revenues in Europe and Canada. Canada has become a hotbed for bitcoin exchange trading funds, and sales of bitcoin ETFs are over $100 million right after launch in February. The fund is expected to surpass all other ETFs in Canada within two months.
As institutions become a major driver of the cryptocurrency market’s surge, it is likely to be able to climb longer than the retail-focused phobia of 2017. Bitcoin’s price exceeded $61,000 last week, and one famous BTC miner is expecting a top price in the $150,000-300,000 range.
contact@blockcast.cc
