financemagnates.com
Bitcoin, the world’s largest cryptocurrency, Polkadot, and Cardano saw significant institutional inflows last week. Overall, crypto investment products saw inflows worth $80 million during the recent week.
According to the latest digital asset weekly fund flows report published by CoinShares, the total value of global cryptocurrency assets under management (AUM) now stands at around $72.3 billion, their highest level on record. The total value of Bitcoin assets under management stands at around $50 billion.
Last week, Bitcoin investment products attracted $70 million worth of inflows, the 5th consecutive week of inflows for the world’s most dominant cryptocurrency asset. Polkadot saw inflows worth $3.6 million while Cardano attracted $2.7 million worth of inflows during the mentioned period.
“Digital asset investment products saw inflows totaling US$80m last week. These inflows, combined with positive price action over the week, have pushed total assets under management (AUM) to US$72.3bn, their highest level on record, surpassing the previous record of US$71.6bn set in May this year. Bitcoin, the world’s biggest cryptocurrency, saw the largest inflows, totaling US$70m, marking the 5th consecutive week of inflows,” CoinShares mentioned in the report.
Due to the latest jump in the price of Bitcoin, institutional investors increased their BTC exposure during the last few weeks. The cryptocurrency is now trading near its all-time high of $64,000 with a market cap of over $1.2 trillion.
Cryptocurrency ETF
According to CoinShares, the latest cryptocurrency ETF decision by the SEC will play a major role in the future crypto inflows. “The recent decision by the SEC to allow a futures-based ETF in the United States could prompt further significant inflows in the coming weeks as US investors begin to add positions. Ethereum saw outflows of US$1m last week. Despite this being the second week of outflows, these flows are not significant to define a trend at present. Other altcoins, such as Polkadot and Cardano saw continued inflows totaling US$3.6m and US$2.7m respectively,” the report added.
Cryptocurrency assets now have a market cap of more than $2.5 trillion.