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In the past week, inflows into crypto investment products reached $193 million, a scenario is last seen in mid-December 2021, according to digital asset management firm Coinshares.
Bitcoin (BTC) took the lion’s share of these inflows at $98 million, driving year-to-date investments to $162 million. Per the report:
“Following last week’s price recovery, total assets under management (AUM) now sit at $57 billion. Regionally, the majority (76%) of inflows came from Europe at $147 million, while the Americas lagged at $45 million, with some providers continuing to see minor outflows.”
Solana (SOL) also witnessed notable investments of $87 million, representing 36% of AUM.
With an AUM of $241 million, Solana emerged as the fifth largest crypto investment product. Therefore, it comes second in the altcoin class after Ethereum (ETH).
Coinshares added:
“Most other altcoins saw inflows last week, most notable were Cardano, Polkadot and relative newcomer ATOM, with inflows of US$1.8m, US$1.2m and US$0.8m respectively.”
These statistics by Coinshares indicate that institutional crypto investments reached levels not seen in the last three months. The inflows witnessed correlate with the surge in the prices of Bitcoin and Ethereum.
Bitcoin was up by 12.18% in the last seven days to hit $47,398 during intraday trading, according to CoinMarketCap. Ethereum was up by 13.44% during the same time frame to reach $3,394.
Institutional investments have played an instrumental role in pumping more liquidity into the crypto market, leading to all-time high (ATH) prices. For instance, institutional investments enabled Bitcoin to breach the then ATH of $20,000 in December 2020 after trying to do so for three years.
Meanwhile, Janet Yellen, the U.S. Secretary of the Treasury, recently acknowledged crypto’s rising role in American finance. Yellen pledged to look at guidance and regulations needed to boost innovation in the digital asset space.
Image source: Shutterstock
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