Bitcoin and Ether Record The Largest Inflows Since February: CoinShares Report
Bitcoin received the largest share of investor inflows last week, while Ether inflows reached a peak of $13.9 billion in 2021.
Both Bitcoin and Ethereum related products posted strong inflows last week after the former posted its record weekly outflows in the previous week.
With $489 million in investments, it was the largest inflows since February, as per the weekly data reported by CoinShares.
Trillion-dollar leading cryptocurrency Bitcoin received the largest share of investor inflows last week at $441.7 million and $4.2 billion so far this year as “investors are beginning to take more optimistic positions after having range traded since February.”
Ethereum, meanwhile, rallied to a new all-time high at $3,530 after a 60% uptrend in the last 30 days, posted inflows of $30.2 million, and a peak of $13.9 billion in 2021.
Total inflows this year, so far, have been $5.45 billion.
“The biggest reason for the surge (in ethereum) appears to be the growing number of developers building DeFi applications on the platform, but also the growing institutional interest,” said Petr Kozyakov, co-founder and chief executive officer at global payment network Mercuryo.
Besides Bitcoin (BTC) and Ether (ETH), other cryptos like Polkadot (DOT), Binance’s native token BNB, and Cardano (ADA) recorded minor inflows. Bitcoin Cash (BCH) meanwhile saw outflows of $1.7 million, 10% of AUM.
Grayscale remains the largest digital currency manager overseeing $49.3 billion as of April 30 and CoinShares at second place with $5.8 billion AUM as of last week. Total assets under management have hit $64.7 billion YTD, up from $19 billion in 2020 and $2.57 billion in 2019.