Digital assets manager CoinShares says institutions are buying into Bitcoin (BTC) and crypto by the billions in the wake of last week’s landmark spot BTC exchange-traded fund (ETF) approval.
In its latest Digital Asset Fund Flows report, CoinShares finds that BTC investment products dominated $1.18 billion in inflows last week after the spot BTC ETF approval from the U.S. Securities and Exchange Commission (SEC).
“Digital asset investment products saw $1.18 billion inflows last week (subject to T+2 settlement), although this did not break the record set at the launch of the futures-based Bitcoin ETFs which totaled $1.5 billion back in October 2021.”
While the inflows weren’t an all-time record, according to the digital assets manager, exchange-traded product (ETP) volumes did set a record last week.
“ETP Trading volumes did break records though, trading $17.5 billion last week, the highest on record, compared to an average of $2 billion per week in 2022.”
In step with its dominant market share, BTC took home most of the inflows, racking up $1.16 billion in total.
Ethereum (ETH) and other altcoins also performed well across the board. ETH saw $25.7 million in inflows, while multi-asset investment vehicles brought in $5.6 million. XRP, Cardano (ADA), Litecoin (LTC), Solana (SOL) and Polkadot (DOT) saw inflows of $2.2, $1.4, $0.8, $0.5 and $0.2 million, respectively, CoinShares reports.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tex vector/Natalia Siiatovskaia
The post Institutions Pour $1,118,000,000 in Capital into Crypto Markets Amid Bitcoin ETF Launch: CoinShares appeared first on The Daily Hodl.
