International digital asset tracking and management firm CoinShares has reported that institutional crypto investors continued their buying streak for the fifth consecutive week. Despite market weakness, institutional whales poured over $1 billion into crypto products last week, as per Coinshares.
According to the firm, digital asset investment products received total inflows of $1.3 billion last week, bringing the year’s total inflows to $7.3 billion. Despite recent price dips, total assets under management in ETPs fell to $163 billion from its peak of $181 billion in late January, with trading volumes remaining steady at $20 billion for the week.
The United States led globally with $1 billion in inflows, with Germany, Switzerland, and Canada also contributing $61 million, $54 million, and $37 million, respectively.
In a surprising turn of events, Ethereum emerged as the leader in attracting inflows last week, overshadowing Bitcoin’s $407 million inflow. The price drop of Ethereum to around $2,100 prompted significant buying-on-weakness, resulting in inflows of $793 million and surpassing Bitcoin for the first time this year.
Multi-asset investment products saw $14.4 million in inflows, with XRP leading all non-ETH altcoins with $21.1 million in inflows. Solana (SOL) products attracted $11.2 million in inflows, while Sui (SUI) investment vehicles received $4.3 million in inflows.
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Overall, institutional investors continued to show confidence in the crypto market despite price fluctuations, with Ethereum standing out as the top choice for inflows last week. The industry remains dynamic, and institutional participation continues to drive investment and growth in the digital asset space.
