Crypto

Total crypto assets under management hit a record $ 72.3 billion

Capital flows to cryptocurrency investments have increased as the cryptocurrency market posts positive price performance across the board.

Cryptocurrency investment products continue to see large inflows, with investment management firm CoinShares reporting that the industry saw an additional $ 80 million inflow last week.

According to the company, new money placed in cryptocurrency investment products increased the industry’s total assets under management to $ 72.3 billion. According to the CoinShares report, it is the highest asset under management in the cryptocurrency industry and has risen since May, when the total investment was $ 71.6 billion.

Leading crypto investment manager Grayscale leads with over $ 52.4 billion in assets under management, while CoinShares has just over $ 5 billion and Bitwise around $ 1.1 billion.

Bitcoin experiences its fifth consecutive week of capital inflows

According to the report, $ 70 million of total weekly entries went to Bitcoin products, the leading cryptocurrency having seen five consecutive weeks of entries. BTC inflows since the beginning of the year currently stand at $ 4.64 billion, bringing total Bitcoin assets under management to around $ 50.3 billion.

CoinShares notes that the SEC’s decision to liquidate the first futures-backed ETF could allow new investors to enter the market and significantly increase inflows in the coming weeks.

Bitcoin’s price has reached highs near its all-time high, and stocks above $ 64,000 are likely to see the world’s largest crypto by market cap seek new highs.

But while Bitcoin has seen five consecutive weeks of investment influx, the same has not happened with the world’s second largest cryptocurrency, Ethereum (ETH).

As the data in the report shows, Ethereum had a second consecutive week of exits, with exits of $ 0.9 million last week, bringing monthly withdrawals to $ 12.5 million.

Regarding the Ethereum exits, the CoinShares researchers noted that “flows are not significant in defining a trend at this time.”

Solana (SOL) also experienced minor outflows over the past week, with investors in the crypto project’s funds and products in seventh place taking home around $ 0.3 million.

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