Digital assets manager CoinShares says that institutional investors dropped nearly two billion dollars into crypto products last week.
In its latest Digital Asset Fund Flows report , CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $1.98 billion on net last week.
CoinShares attributes the stream of inflows to “macroeconomic factors and US political shifts.”
“Digital asset investment products saw post-US election inflows of US$1.98bn, marking inflows for the 5th consecutive week with year-to-date inflows having reached a new record of US$31.3bn.
Global assets under management, following the price rises last week, also reached a new all-time high of US$116bn. Trading volumes rose US$20bn, not a new record but the highest since April this year.”
Most inflows came from the US, which provided $1.95 billion of the inflows. In other regions, Switzerland and Germany raked in $23 million and $20 million in inflows respectively.
Per usual, Bitcoin ( BTC ) was the focus of the lion’s share of inflows at $1.8 billion.
Says CoinShares,
“A combination of a supportive macro environment and seismic shifts in the US political system being the likely reason for such supportive investor sentiment.”
Ethereum ( ETH ) saw a trend reversal with inflows of $157 million, marking the smart contract platform’s biggest week of inflows since ETH’s first exchange-traded fund (ETF) product launched in July.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Natalia Siiatovskaia/Warm_Tail