Digital asset manager CoinShares says institutional investors are flooding to newly-created layer-1 crypto investment products.
While Bitcoin (BTC) enjoyed over $20 million in inflows and Ethereum (ETH) broke a nine-week outflow trend, institutions also flocked to newly created altcoin investment products for Terra (LUNA), Tezos (XTZ), and Cosmos (ATOM).
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“Recently created altcoin investment products, Terra, Tezos and Cosmos all saw inflows totaling US$2.2m, US$0.9m and US$0.6m respectively.”
The largest crypto by market cap, Bitcoin, sustained the largest share of inflows last week, reaching $25 million and capping off a four-week run of inflows, according to CoinShares.
After nine weeks of outflows, leading smart contract platform and second-biggest crypto by market cap Ethereum had the second-largest amount of institutional inflows last week.
“Ethereum finally broke its 9-week spell of outflows with inflows totaling US$21m last week.”
Investment products containing multiple digital assets, also known as multi-asset digital investment products, received inflows of nearly $20 million last week.
“Multi-asset (coin) investment products remain popular with inflows totaling US$19m last week…”
Finally, Solana (SOL) and XRP also received multi-million dollar inflows from institutional investors.
“Solana and [XRP] saw inflows totaling US$3.1m and US$2m respectively.”
According to CoinShares, there is currently a slight difference in inflows depending on geography.
“There are some regional variances, with US$5.5m of outflows in the Americas and US$80.7m of inflows into
European investment products.”
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