Crypto Volatility failed to halt institutional investments into BTC investment products last week. The recent digital asset weekly fund flow report published by CoinShares shows that Bitcoin -related investment products attracted a total of $98 million last week.
Overall, digital asset investment products saw inflows worth $151 million during the second week of November. In addition to BTC, Ethereum saw consistent inflows worth $17 million last week. Global ETH assets under management (AUM) now stand at around $21 billion, which is the highest level on record.
Cryptocurrency Cardano (ADA) led the $16 million inflows into altcoins last week. In addition, Solana (SOL), Polkadot (DOT) and XRP saw decent gains during the mentioned period. BTC remained the preferred choice of global investors last week as well, but its dominance in global crypto assets under management has decreased slightly.
“Digital asset investment products saw inflows totaling US$151m last week, the 13th consecutive week of inflows, bringing year-to-date inflows to a record US$9bn. Intra-week prices rises also saw total assets under management (AUM) reach record highs of nearly US$87bn but closing the week at US$83bn. BTC saw the majority of inflows totaling US$98m, pushing AUM to a record US$56bn, with inflows of US$6.5bn this year. This is despite its dominance (relative performance) versus altcoins waning over the week,” CoinShares highlighted in its report.
Concerns over Crypto Volumes
Despite the reason that global digital assets under management saw a consistent rise in value during the last 4 months, the crypto trading volumes are far away from the peak of H1 of 2021. In fact, the numbers have been declining gradually for the last few weeks.
“Solana, Polkadot, and XRP also saw inflows totaling US$9.8m, US$5.2m and US$3.1m, respectively. Although flows have been positive recently, we have witnessed subdued volumes in 2H, averaging US$750m daily versus US$960m in 1H 2021,” the report added.
BTC and ETH account for more than 90% of the global cryptocurrency assets under management.
