The world’s leading cryptocurrency bitcoin regained its title of the most popular cryptocurrency among institutional investors last week after BTC-related investment products saw inflows worth $39 million within the last seven days. Coinshares recently published its digital asset weekly fund flows report and highlighted a positive turnaround in crypto investment products. Bitcoin, Ethereum, XRP, and Polkadot attracted substantial inflows during the last seven days.
Cryptocurrency investment products saw inflows worth $63 million last week.
Cryptocurrency investment products saw inflows worth $63 million last week, breaking a 4-week run of crypto outflows. Ethereum (ETH), the world’s second-largest cryptocurrency, saw weekly inflows of $18 million. CoinShares mentioned in the report: “For the first time in 5 weeks, digital asset investment products saw inflows totaling US$63m last week. And for the first time in 9 weeks, inflows were seen across all individual digital assets implying a turnaround in sentiment amongst investors. While there were inflows last week, Bitcoin investment product trading turnover was the lowest since November 2020.”
XRP also attracted over $1.2 million worth of investment.
During the last week of June 2021, Ethereum-related investment products saw outflows worth $50 million, the highest level on record. Apart from Bitcoin’s $39 million weekly inflows and $18 million worth of inflows in Ethereum products, XRP also attracted over $1.2 million worth of investment. Cardano and Polkadot attracted $2.1 million and $0.7 million, respectively, during the same period. Bitcoin and XRP registered marginal gains during the last week. On the other hand, the second-leading cryptocurrency Ethereum jumped by more than 10% during the last seven days. Bitcoin is currently trading near $35,000 with a market cap of over $650 billion.