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Institutional Investors Allocate Nearly $40 Billion to Crypto Products in 2024
CoinShares, a digital assets manager, has reported that institutional investors have poured almost $40 billion into crypto products this year. According to the latest Digital Asset Fund Flows report, these investments have reached a new high with net inflows last week.
US Leads in Inflows, Ethereum Surpasses Record
The report highlights that institutional investment products in the crypto space recorded inflows of $270 million last week. Notably, the US region led globally with inflows of $266 million, followed by Hong Kong and Germany. In contrast, Switzerland and Canada experienced minor outflows.
Bitcoin saw outflows worth $457 million after failing to break the $100,000 mark. However, Ethereum set a new record for yearly inflows, attracting $634 million. This surge in investor sentiment has pushed Ethereum’s year-to-date inflows to $2.2 billion, surpassing its 2021 record of $2 billion.
XRP Products Gain Momentum
XRP products also saw increased interest, with inflows of $95 million, possibly driven by anticipation of an XRP exchange-traded fund. The overall institutional investment flows in the crypto market have now reached a milestone of $37.3 billion, reflecting growing investor confidence in digital assets.
As institutional interest in cryptocurrencies continues to rise, the market is poised for further growth and mainstream adoption.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
