Bitcoin (BTC), the world’s most valuable digital asset, regained its title as 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.
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.
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“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, which is 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 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 in the last week. On the other hand, Ethereum jumped by more than 10% over the last seven days.
Currently, Bitcoin is 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.