Crypto Investment Product Inflows Hit Record $9 Billion YTD Aided by $ADA and $SOL
Cryptocurrency investment products saw inflows of $151 million last week, making it the 13th-consecutive week of inflows the market has seen. In total, a record $9 billion have been invested in these products, leading assets under management to a new high above $83 billion.
According to a report published by CoinShares, the flagship cryptocurrency Bitcoin was responsible for the majority of inflows last week, bringing in $98 million that helped push its assets under management to a record $56 billion, aided by ProShares’ Bitcoin Strategy ETF.
After Bitcoin came Ethereum, the second-largest cryptoasset by market capitalization, which brought in $17 million, pushing its total assets past the $21 billion mark for the first time. While these blue-chip cryptoassets were expected to see inflows as prices rise, some altcoins aided the market.
Cardano ($ADA) notably saw inflows totaling $16 million last week, which CoinShares believes are “ likely being due to increasing positive investor sentiment for “World computer” coins.” Solana ($SOL) came next, with inflows totaling $9.8 million.
Next came Polkadot ($DOT) and $XRP, with inflows of $5.2 million and $3.1 million respectively. The firm noted that despite positive flows, the market has been seeing “subdued volumes” average $750 million a day in the second half of the year, compared to $960 million in the first half.
As reported, CryptoCompare’s latest Digital Asset Management Review revealed that cryptocurrency investment products saw their total assets under management increase by 45.5% to get near the $75 billion mark in October, surpassing their previous all-time high of $58.7 billion in March of this year.
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