Inflows for cryptocurrency investment products reached $ 57 billion last week, setting a new historical record and highlighting the rapid adoption of digital assets underway among institutions.
In its weekly inflows report, digital asset manager CoinShares said net inflows in digital asset investment products increased by $ 99 million in the week ending March 19. Flows to CoinShares decreased by $ 25.9 million from the previous week. The accumulated flows in the year decreased by US $ 93 million.
Grayscale is by far the largest digital asset manager in the world, with $ 44.2 billion in assets managed on March 22.
03/22/21 UPDATE: Net assets under management, shares per share and market price per share for our investment products.
Total AUM: $ 44.2 billion$ BTC $ BCH $ ETH $ ETC $ ZEN $ LTC $ XLM $ ZEC $ BAT $ LINK $ MANA $ FIL $ LPT pic.twitter.com/q6krycE3zi
– Grayscale (@Grayscale) March 22, 2021
With the exception of Ripple, all major assets monitored by CoinShares registered weekly inflows, with $ 85.3 million flowing into Bitcoin (BTC). Interestingly, trade volumes for Bitcoin investment products moderated to $ 713 million a day last week, down from the average of $ 1.1 billion so far this year.
Inflows for Ethereum (ETH) products increased by $ 7.8 million. Multi-asset funds generated US $ 4.2 million.
The CoinShares report highlighted a regional divide in institutional demand, with the United States seeing a decline in appetite, while Europe and Canada reported gains. Canada has become a hotbed of Bitcoin exchange-traded funds, with ETF Purpose Bitcoin earning $ 100 million in volume shortly after its February launch. The fund is expected to outperform all other ETFs in Canada in two months.
Institutions have become the main driving force in the crypto-bull market, possibly setting the stage for a longer recovery than the retail-driven euphoria of 2017. Bitcoin’s price reached $ 61,000 last week, with a prominent BTC miner forecasting a top in the range of $ 150,000 to $ 300,000.