Crypto markets saw the largest influx of institutional capital ever recorded, according to the latest report from digital asset manager CoinShares.
Crypto firm, digital asset investment products; says it shattered both weekly and annual capital flow records by a large margin.
“Digital asset investment products totaled $1.47 billion last week, or by a significant margin, to a record high. The previous weekly record was set earlier this year in February, with a total inflow of US$640 million.
Year-to-date entries now stand at US$8 billion, far surpassing the record US$6.7 billion in 2020.”
CoinShares says that Bitcoin (BTC) accounts for the vast majority of funds due to the positive sentiment generated by the launch of the new ProShares Bitcoin futures exchange-traded fund (ETF).
“Bitcoin accounted for 99% of the total inflows, with $1.45 billion USD inflows last week. Record entries, U.S. Securities and Exchange Commission’s [SEC] was a direct result of allowing a Bitcoin ETF to invest in futures, resulting in the listing of two Bitcoin investment products for a total of $1.24 billion.
Inflows into Bitcoin products totaled $138 million in other parts as well, but there is evidence of profits being made, with some legacy investment products seeing exits.”
When looking at altcoins, the asset manager is the smart contract platforms of the most notable cryptocurrencies to enter. Left (LEFT) and Cardano (ADA) as well as the local currency of the crypto exchange Binance BNB says it is. Solana and Cardano saw large inflows of $8.1 million and $5.3 million, respectively, while BNB recorded more modest inflows of $1.3 million.
