Digital asset manager CoinShares says institutional crypto products attracted large inflows last week despite price weakness.
In his latest Digital Asset Fund Flows reportDigital asset investment products enjoyed $441 million in inflows last week, according to CoinShares.
“In digital asset investment products, inflows totaled $441 million, with recent price weakness prompted by selling pressure from Mount Gox and the German government likely seen as a buying opportunity.
Volumes in Exchange Traded Products (ETPs) remained relatively low this week at $7.9 billion, reflecting the typical seasonal pattern of lower volumes in the summer months.”
The Americas region led an inflow of $384 million. Hong Kong, Switzerland and Canada generated inflows of $32 million, $24 million and $12 million respectively.
“Germany is an outlier and sees an outflow of $23 million.”
Bitcoin (BTC) saw inflows of $398 million, but according to CoinShares, “unusually represented only 90% of total inflows, as investors chose to invest in a much broader range of altcoins.”
For example, Solana (SOL) led all altcoins with inflows of $16.3 million. Multi-asset crypto investment vehicles enjoyed inflows of $12.8 million, while Ethereum (ETH) saw $10.2 million. Litecoin (LTC),
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Featured image: Shutterstock/sparkzen