Inflows into digital asset investment products totaled $233 million last week, the largest since early March. It is, however, nowhere near the record inflow seen in late January. CoinShares, one of the largest crypto asset managers, in its weekly report wrote,
“We believe this recent renewed appetite for digital assets is due to a combination of increasing acceptance from institutional investors, fears for inflation, and price momentum.”
Last week, the price action also pushed assets under management to over $64 billion for the first time.
Source: CoinShares Report
What’s even more interesting is the crypto assets that the funds have been flowing into. Bitcoin (BTC), without any doubt, continues to see the largest inflows of $108 million, with Ethereum (ETH) right behind at $65 million. This time other altcoins also captured institutions’ interest, with XRP, which CoinShares just launched an XRP ETP, being the most popular among all.
BTC 1.45%
Bitcoin / USD
BTCUSD
$ 56,102.98
$813.49
1.45%
Volume 65.97 b
Change $813.49
Open $56,102.98
Circulating 18.69 m
Market Cap 1.05 t
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ETH 7.56%
Ethereum / USD
ETHUSD
$ 2,293.85
$173.42
7.56%
Volume 37.98 b
Change $173.42
Open $2,293.85
Circulating 115.55 m
Market Cap 265.05 b
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XRP 2.53%
XRP / USD
XRPUSD
$ 1.36
$0.03
2.53%
Volume 15.04 b
Change $0.03
Open $1.36
Circulating 45.4 b
Market Cap 61.8 b
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XRP had weekly inflows of $33 million, nearly doubling its assets under management to $83 million.
Inflows were also seen in Tezos (XTZ) at $7 million, Polkadot (DOT) at $5 million, Bitcoin Cash (BCH) at $4 million, and Binance (BNB) at $3 million. Other crypto assets collectively saw $6 million of inflows.
XTZ 4.74%
Tezos / USD
XTZUSD
$ 5.63
$0.27
4.74%
Volume 677.2 m
Change $0.27
Open $5.63
Circulating 767.09 m
Market Cap 4.32 b
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BCH 4.34%
Bitcoin Cash / USD
BCHUSD
$ 945.68
$41.04
4.34%
Volume 8.01 b
Change $41.04
Open $945.68
Circulating 18.71 m
Market Cap 17.7 b
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BNB 14.05%
Binance Coin / USD
BNBUSD
$ 565.97
$79.52
14.05%
Volume 7.64 b
Change $79.52
Open $565.97
Circulating 153.43 m
Market Cap 86.84 b
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Trading volume for these digital asset investment products was also high, totaling $4.8 billion. Last seen in early February 2021, this level represents a rise of 59% compared to last week.
The post Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest first appeared on BitcoinExchangeGuide.
