2021-11-23 15:32 |
In the fourteenth consecutive week of crypto inflows, investments in digital asset-based products amounted to $154 million.
This figure puts it roughly on par with last week, despite bitcoin continuing to struggle, falling 12% since then. However, bitcoin-based products continued to see a majority of the inflows, which amounted to $114 million. This sustained demand over the last month has helped to keep an assets under management (AuM) share of 67% among investment products, in spite of Bitcoin falling 4% during that period.
Meanwhile, during that same time, Ethereum rose 14%. According to the report, “this disparity may be due to the recently launched ETFs in the US where investment products saw 90% of inflows.” Ethereum-based products saw inflows amounting to $14 million, which also marks the fourth consecutive week of inflows totaling $80 million.
Regarding other altcoins, Solana and Cardano have demonstrated sustained popularity over the past month with net inflows of $27.5 million and $19.3 million respectively. But while Solana-based products continued to perform well last week with $8.5 million of inflows, Cardano actually saw outflows of $2.1 million.
Crypto inflows pile onLast week, CoinShares reported that weekly Bitcoin inflows from institutional investors amounted to $97.5 million during the week prior, with the whole market totaling $150.9 million. This was a record sum for Bitcoin, despite trade volume lower than the first half of 2021 so far. The second half of 2021 has so far seen an inflow of $750 million, as opposed to $960 million in the first half.
Among altcoins, Ethereum and Cardano had seen the biggest inflows with $17.3 million and $16.4 million, respectively, while Solana and Polkadot followed with $9.8 million and $5.2 million. However, the most popular investment product was ProShares Bitcoin Strategy ETF, which has continued to perform exceptionally since its launch.
The post Crypto Asset Inflows Continue on a Hot Streak Despite Fall in Bitcoin Prices appeared first on BeInCrypto.
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