Cryptocurrency investment products attracted a total of $21 million last week. Despite the positive trend, weekly flows into crypto-related investment products have plummeted to the lowest level since October 2020.
According to the weekly digital asset inflows report published by CoinShares, Ethereum attracted a total of $5 million inflows last week. Bitcoin remained the preferred cryptocurrency and attracted a large part of weekly inflows.
Finance Magnates earlier reported about the growing popularity of cryptocurrency Ethereum among institutional investors. During the second week of March, ETH accounted for nearly 50% of weekly crypto inflows.
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“We have witnessed a significant reduction in inflows. We believe this is due to investors sitting on multi-year gains taking a profit. We continue to see net inflows into Bitcoin investment products overall, especially those products which have launched in the last 12-18 months. Volumes in cryptocurrency investment products averaged $788 million per day, compared to the $900 million for the whole of 2021, but remain well above the 2020 levels of $137 million,” the report mentioned.
Grayscale remained the world’s largest digital asset manager with a total of nearly $44 billion in cryptocurrency assets under management. The company has more than 650,000 Bitcoin under management with a total value of approximately $37.5 billion.
The cryptocurrency market is up by nearly 4% in the last 24 hours. The overall market cap of digital currencies now stands at around $1.82 trillion. The world’s largest cryptocurrency Bitcoin is currently trading around $58,000 with a market cap of more than $1.07 trillion. BTC is up by more than 8% in the last 7 days. Ethereum remained the best-performing cryptocurrency among the top 5. ETH gained more than 7% in the last 24 hours as the world’s second-largest digital currency jumped above $1,800 for the first time since 21 March.
Due to the recent rise in altcoins, Bitcoin’s market dominance is plunging. The world’s largest digital currency now has a market dominance of 59%, the lowest level since December 2020.