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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.