Bitcoin Investment Products Saw Inflows of $570M Last Week: CoinShares
Bitcoin investment products saw inflows of $570 million last week, the highest level in five weeks, according to the latest data from digital asset manager CoinShares.
The firm's weekly report, published Monday, shows that the majority of the inflows, or $441 million, went into bitcoin investment products, while the remaining $129 million went into ether products.
In terms of trading volumes, bitcoin investment products saw an average of $1.4 billion in daily trading volume, while ether products saw an average of $243 million in daily trading volume.
The report also noted that institutional investors continue to drive the majority of the inflows, with 87% of the total inflows coming from institutional investors.
The news comes as the price of bitcoin has been on the rise in recent weeks, reaching a high of over $42,000 last week before pulling back slightly. Ether, the second-largest cryptocurrency by market capitalization, has also seen strong gains, reaching a high of over $3,000 last week.
According to CoinShares, the recent inflows into bitcoin and ether investment products suggest that investors are continuing to see value in the two largest cryptocurrencies, despite recent market volatility.
The firm's report also highlighted the growing interest in other digital assets, noting that investment products tracking other cryptocurrencies saw inflows of $33 million last week, the highest level in seven weeks.
Overall, the report suggests that investor interest in digital assets remains strong, with inflows into investment products continuing to grow despite market fluctuations.
26 февраля 2024
