CRYPTO

Institutional managers hold a record $57B worth of crypto, according to CoinShares

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Inflows into cryptocurrency investment products topped $57 billion last week, marking a new all-time high and underscoring the rapid adoption of digital assets underway among institutions. 

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In its weekly inflows report, digital asset manager CoinShares, said net inflows into digital asset investment products rose by $99 million for the week ended Mar. 19. Grayscale generated $9.1 million of inflows, bringing its year-to-date total to $2.373 billion. Flows into CoinShares declined by $25.9 million from the previous week. Year-to-date flows have declined by $93 million.

Grayscale is by far the world’s largest digital asset manager, with $44.2 billion in assets under management as of March 22.

With the exception of Ripple, all major assets tracked by CoinShares recorded weekly inflows, with $85.3 million flowing into Bitcoin (BTC). Interestingly, Bitcoin investment product trade volumes moderated to $713 million per day last week, down from the $1.1 billion average so far this year.

Inflows into Ethereum (ETH) products increased by $7.8 million. Multi-asset funds generated $4.2 million.

The CoinShares report highlighted a regional divide in institutional demand, with the United States seeing a decline in appetite while Europe and Canada reporting gains. Canada has become a hotbed for Bitcoin exchange-traded funds, with the Purpose Bitcoin ETF seeing $100 million in volume shortly after launching in February. The fund is expected to surpass all other ETFs in Canada within two months.

Institutions have become a major driving force of the crypto bull market, possibly setting the stage for a more prolonged rally than the retail-driven euphoria of 2017. Bitcoin’s price topped $61,000 last week, with one prominent BTC miner forecasting a top in the range of $150,000 to $300,000.

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