Digital assets manager CoinShares says institutions poured a new weekly record of $2.9 billion into crypto investment products last week in the seventh consecutive week of inflows.
In his latest Digital Asset Fund Flows reportCoinShares says the inflow of crypto investment products has also hit a new record since the start of the year.
“Digital asset investment products saw record weekly inflows totaling $2.9 billion, surpassing the record $2.7 billion set the previous week. This week’s inflows pushed this year’s inflows to $13.2 billion, surpassing 2021’s entire $10.6 billion inflow.
During the week, global ETPs broke the $100 billion mark for the first time, although the price correction at the end of the week took the value to $97 billion.”
While the US and other regions saw inflows of more than $2.95 billion, Canada, Germany, Sweden and Switzerland saw outflows of $78 million last week.
Bloomberg ETF expert Eric Balchunas said Monday that an outflow of capital from non-U.S. ETFs could result from the substantially lower fees on the U.S. products.
“Bitcoin ETFs in Europe and Canada are seeing outflows despite – or rather because of – the launch of US spot ETFs, which are much cheaper and more liquid. Biz as usual for US ETFs generally stealing power everywhere, the result of living in Terrordome. Hell for issuers, heaven for investors.”
Coinshares says Bitcoin (BTC) products normally enjoyed the lion’s share of inflows at $2.86 billion.
“[BTC inflows] now represent 97% of all inflows since the beginning of the year. While short bitcoin saw its largest inflows in a year, totaling $26 million, the fifth week in a row.”
Ethereum (ETH), Solana (SOL), and Polygon (MATIC) suffered outflows of $14 million, $2.7 million, and $6.8 million, respectively.
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