CoinShares, a digital asset management company, reported that despite the weak prices, institutional cryptocurrency products attracted a significant inflow of funds last week.
According to CoinShares’ latest digital asset fund flow report, a total of $441 million flowed into digital asset investment products last week.
“The total inflow into digital asset investment products was $441 million, and the recent price weakness due to the sell-off pressure from Mt. Gox and the German government may be seen as a buying opportunity.
Trading volume for exchange-traded products this week was relatively low at $7.9 billion, reflecting typical seasonal patterns of lower trading volume in the summer.”
Source: CoinShares
In the United States, the inflow of funds amounted to $384 million. Hong Kong, Switzerland, and Canada brought in $32 million, $24 million, and $12 million respectively.
“Germany was an outlier with an outflow of $23 million.”
Bitcoin (BTC) brought in a total of $398 million, but according to CoinShares’ data, “Bitcoin accounted for only 90% of the total inflows as investors chose to invest in a broader range of alternative coins.”
For example, Solana (SOL) led all altcoins with an inflow of $16.3 million. Multi-asset cryptocurrency investment tools saw an inflow of $12.8 million, while Ethereum (ETH) saw an inflow of $10.2 million. Litecoin (LTC), XRP, Polkadot (DOT), and Cardano (ADA) also brought in inflows of $900,000, $400,000, $200,000, and $100,000 respectively.
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Featured image: Shutterstock/sparkzen.
