Capital flows into crypto investments have increased as the cryptocurrency market experiences positive price performance across the board
Cryptocurrency investment products continue to see huge influx, with investment management firm CoinShares report that the sector recorded an additional $ 80 million in inflows last week.
According to the company, the new money invested in crypto investment products pushed the sector’s total assets under management to $ 72.3 billion. According to the CoinShares report, it is the highest AUM in crypto and has jumped since May, when the total investment was $ 71.6 billion.
Leading crypto investment manager Grayscale leads the way with over $ 52.4 billion in assets under management, while CoinShares has just over $ 5 billion and Bitwise around $ 1.1 billion.
Bitcoin records 5th consecutive week of influx
According to the report, $ 70 million of the total weekly entries went to Bitcoin products, with the leading cryptocurrency having recorded five consecutive weeks of entries. BTC inflows since the start of the year currently stand at around $ 4.64 billion, bringing total Bitcoin assets under management to around $ 50.3 billion.
CoinShares points out that the SEC’s decision to wipe out the first futures-backed ETF could see new investors entering the market to dramatically increase inflows in the coming weeks.
Bitcoin’s price has hit highs near its all-time high, with a stock above $ 64,000 likely to see the world’s largest crypto by market cap reach new highs.
But while Bitcoin has seen five consecutive weeks of influx of investments, the same is not true for the second largest Ethereum cryptocurrency (ETH) in the world.
As the data in the report shows, Ethereum had a second straight week of exits, with exits of $ 0.9 million last week bringing monthly withdrawals to $ 12.5 million.
Regarding Ethereum’s exits, CoinShares researchers noted that the “the flows are not significant to define a trend at the present time“.
Solana (SOL) also saw minor exits over the past week, with investors in the 7th-ranked cryptocurrency project’s funds and commodities withdrawing around $ 0.3 million.