Crypto-Linked Funds Attract $598M Last Week, Total AUM Hits 26-Week High

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In Brief

Digital asset funds continue their victorious march, recording further inflows. The recently introduced Bitcoin ETFs make up the majority of this week’s investments. The inflows since the beginning of the year have exceeded the $5.7 billion mark. The total assets under management reached a 26-week high.

Digital Asset Funds Continue Victorious March

According to the latest report from crypto asset management company CoinShares, investors invested $598 million in cryptocurrency-linked funds last week, raising the inflows since the beginning of the year to over $5.7 billion. This amount already corresponds to 55% of the record inflows recorded in 2021 – the year when the crypto market reached its peak.

Total Assets at 26-Week High

The total assets under management (AuM) reached a 26-week high of $68.3 billion, approaching the peak of $87 billion recorded in November 2021. The AuM is an important performance gradient of a fund. The higher the value of the AuM, the more investments it generally attracts.

USA Dominates the Inflows

The USA remained in focus, with the recently introduced Bitcoin ETFs making up the majority of investments with $610 million. To the relief of the market, outflows from the Grayscale Bitcoin Trust (GBTC) significantly decreased last week, totalling $436 million.

Bitcoin and Ethereum on the Rise, Solana Records Outflows

The largest institutional crypto product, Bitcoin, recorded investments of $570 million last week, raising the inflows since the beginning of the year to $5.6 billion. Funds linked to the second largest cryptocurrency, Ethereum, also recorded impressive inflows, amounting to $17 million last week. On the other hand, the failure of Solana triggered a second consecutive week of outflows from Solana-linked crypto products.

Our Assessment

The ongoing strength of digital asset funds shows that interest in cryptocurrencies and digital assets remains high. The introduction of Bitcoin ETFs has further strengthened the interest of institutional investors and could help promote the acceptance of cryptocurrencies in the mainstream. Despite some setbacks, such as the failure of Solana, the overall market remains strong and shows signs of continued expansion.

Sources: Aniket Verma, Saman Waris, CoinShares, CoinMarketCap

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