CoinShares, a digital assets manager, has reported that institutional investors injected $2 billion into cryptocurrency products in the previous month.
According to CoinShares’ latest Digital Asset Fund Flows report, there were $185 million in inflows into digital asset investment products last week.
“Digital asset investment products experienced inflows for the fourth consecutive week, reaching a total of $185 million. In May, we witnessed inflows of $2 billion, marking the first time on record that year-to-date inflows surpassed the $15 billion mark. However, volumes decreased to $8 billion for the week, compared to $13 billion the previous week.”
The United States attracted $130 million in inflows, while Switzerland and Canada received inflows of $36 million and $25 million, respectively. This is a significant turnaround for Canada, as it experienced overall outflows last month.
Bitcoin (BTC) remains a popular choice among investors, with inflows of $148 million last week. However, short-BTC products experienced outflows of $3.5 million.
Additionally, Ethereum (ETH) products brought in $33.5 million last week.
“This signifies a shift in investor sentiment towards an asset that experienced 10 consecutive weeks of outflows, totaling $200 million. Ethereum’s positive performance has also influenced Solana, which received an additional $5.8 million in inflows last week.”
During this period, Solana (SOL) attracted $5.8 million in inflows, while Chainlink (LINK), XRP, Litecoin (LTC), and Cardano (ADA) saw inflows of $1 million, $0.8 million, $0.6 million, and $0.3 million, respectively.
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