Bitcoin (BTC), the world’s most valuable digital asset, regained its title of the most popular cryptocurrency among institutional investors last week after BTC-related investment products saw inflows worth $39 million within the last seven days.
CoinShares, one of the largest digital asset managers in the world, recently published its digital asset weekly fund flows report and highlighted a positive turnaround in crypto investment products. Bitcoin, Ethereum, XRP, and Polkadot attracted substantial inflows during the last seven days.
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Overall, cryptocurrency investment products saw inflows worth $63 million last week, breaking a 4-week run of crypto outflows. Ethereum (ETH), the world’s second-largest cryptocurrency, saw weekly inflows of $18 million.
“For the first time in 5 weeks, digital asset investment products saw inflows totaling US$63m last week. And for the first time in 9 weeks, inflows were seen across all individual digital assets implying a turnaround in sentiment amongst investors. While there were inflows last week, Bitcoin investment product trading turnover was the lowest since November 2020. A similar observation was seen more broadly across the whole of the Bitcoin ecosystem with volumes down 38% relative to the average for 2021,” CoinShares mentioned in the report.
During the last week of June 2021, Ethereum-related investment products saw outflows worth $50 million, the highest level on record.
Bitcoin, Ethereum, and XRP
Apart from Bitcoin’s $39 million weekly inflows and $18 million worth of inflows in Ethereum products, XRP also attracted over $1.2 million worth of investment. Cardano and Polkadot attracted $2.1 million and $0.7 million respectively during the same period. In terms of price action, Bitcoin and XRP saw marginal gains during the last week. On the other hand, Ethereum jumped by more than 10% during the last seven days.
Bitcoin is currently trading near $35,000 with a market cap of over $650 billion. The price of ETH has jumped above $2,300 while XRP is trading near $0.67 with a market cap of more than $30 billion.
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