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Crypto Fund Inflows Accelerated to $233M Last Week, Most Since Early March
Investor appetite for digital asset investment products increased last week, with strong interest in XRP.
Inflows into digital asset investment products nearly tripled to $233 million last week, according to a report Monday by CoinShares, a digital asset management firm.
STORY CONTINUES BELOW
Last week’s inflow of $150 million was the largest since early March, possibly reflecting bitcoin’s (BTC) brief rally to an all-time high just below $65,000. However, the cryptocurrency has since declined to around $55,600 at press time.
- “Inflows this week were unusually spread over a varied set of digital assets,” according to CoinShares.
- Bitcoin products saw the largest inflows of $108 million while Ethereum products continued to see outsized inflows of $65 million relative to its market cap.
- “XRP has been the most popular, with weekly inflows of $33 million, nearly doubling its assets under management (AUM) to $83 million,” said CoinShares. XRP assets have roughly doubled in the month to date.
- “Digital asset investment products saw much higher trading turnover for the week," the report added. "This represents a rise of 59% compared to last week and similar levels to early February 2021.”
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
