Institutions See Crypto Dip As Opportunity, Pour $441,000,000 Into ETPs: CoinShares
Digital assets manager CoinShares says that institutional crypto products raked in major inflows last week despite price weakness.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products enjoyed $441 million in inflows last week.
“Digital asset investment products saw inflows totaling US$441m, with recent price weakness prompted by Mt Gox and the German Government selling pressure likely being seen as a buying opportunity.
Volumes in Exchange Traded Products (ETPs) remained relatively low at US$7.9 billion for the week, reflecting the typical seasonal pattern of lower volumes in the summer months.”
Source: CoinShares
The US region led inflows at $384 million. Hong Kong, Switzerland and Canada brought in inflows of $32 million, $24 million and $12 million, respectively.
“Germany being an outlier, seeing US$23m outflows.”
Bitcoin (BTC) brought in $398 million in inflows but, according to CoinShares, “unusually represented just 90% of total inflows as investors chose to invest across a much broader set of altcoins.”
Solana (SOL), for instance, led all altcoins with $16.3 million in inflows. Multi-asset crypto investment vehicles enjoyed $12.8 million in inflows while Ethereum (ETH) saw $10.2 million. Litecoin (LTC), XRP, Polkadot (DOT) and Cardano (ADA) also brought in inflows of $0.9 million, $0.4 million, $0.2 million and $0.1 million, respectively.
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