Bitcoin accounted for more than 80% of cryptocurrency inflows last week as the world’s largest cryptocurrency attracted $412 million in BTC-related investment products. The overall crypto inflows last week stood at $492 million, a 20% drop compared to $602 million in the second week of February.
According to the latest weekly crypto fund inflows report published by CoinShares, the recent price surge in cryptocurrency assets pushed the total crypto-related investment products under management to a record $52.6 billion. Bitcoin remained the focused digital asset last week.
Finance Magnates earlier reported about the record weekly inflows in ETH-related investment products last week after the world’s second-largest digital asset attracted $216 million investment in just 7 days. The cryptocurrency is currently trading around $1,600 with a total market cap of nearly $185 billion.
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“The recent price rises in digital assets has led to total investment products under management rising to a record $52.6 billion, with four products now being above the $1 billion mark. Inflows this week focused on Bitcoin with $412 million while both Ethereum and Polkadot saw continued inflows of $47 million and $6 million respectively. This year, the inverse relationship between the US Dollar (USD) and Bitcoin has been tested, as recent better-than-expected US economic data has led to more USD resilience. We believe the ongoing demand for Bitcoin from corporates and investors has helped support prices despite USD strength,” CoinShares mentioned in the report.
Institutional Bitcoin Holders
Due to the rising interest in cryptocurrencies, large institutions are accumulating Bitcoin and other digital assets rapidly. MicroStrategy raised nearly $1 billion last week to purchase BTC and the world’s largest electric-car company, Tesla is already up significantly on its Bitcoin bet. Grayscale remained the largest institutional holder of digital assets. The asset manager has more than 655,000 BTC and 3.16 million ETH under management with a combined value of nearly $41 billion. The total value of Grayscale’s digital assets under management stands at around $42.2 billion.