After a dull period in January, crypto investment products have grabbed the attention of institutional investors again. While Bitcoin has remained the preferred digital asset for weekly inflows recently, new crypto assets have gained traction as well. Avalanche (AVAX) is one of them.
Avalanche recently entered the list of the top 10 digital currencies in the world. The crypto asset currently has a market cap of almost $17 billion. Due to the recent rise in its price, AVAX has been able to attract large institutional inflows.
The digital asset weekly fund flows report published by CoinShares shows that Avalanche saw inflows worth $25 million last week. Multi-asset and Solana investment products attracted weekly inflows of $9.4 million and $1.2 million, respectively.
“Digital asset investment products saw inflows totaling US$109m last week despite recent price weakness and perceived negative impact from the looming conflict in Eastern Europe. Following the run of outflows in January, the latest data marks the 5th week of inflows. While inflows were seen in both Europe and the Americas, it was predominantly the latter with inflows totaling US$101m,” CoinShares noted in its weekly digital asset report.
Bitcoin Inflows
BTC alone has accounted for more than 80% of weekly digital asset fund flows. The crypto asset saw inflows worth $89 million last week, the highest level since December 2021. In the last two months, BTC has suffered one of its worst market corrections.
“BTC inflows remain tepid, with the last 5 weeks of inflows totaling US$221m, representing 0.7% of total assets under management (AuM). Multi-asset and Solana investment products saw inflows totaling US$9.4m and US$1.2m, respectively last week and appear relatively insulated from outflows seen in other products. Avalanche, another smart contract platform and competitor to Ethereum, saw inflows totaling US$25 million last week,” the report added.
