Crypto assets under management reach a record $72BN
Capital flows into crypto investments have increased as the cryptocurrency market witnesses positive price performances across the board
Cryptocurrency investment products continue to see huge inflows, with investment management firm CoinShares reporting that the sector saw a further $80 million in inflows this past week.
According to the firm, new money put into crypto investment products has pushed the sector's total assets under management to $72.3 billion. Per the CoinShares report, this is the highest AUM in crypto and has surged since May when the total investment stood at $71.6 billion.
Leading crypto investment manager Grayscale leads with over $52.4 billion in AUM, while CoinShares holds just over $5 billion and Bitwise around $1.1 billion.
Bitcoin sees 5th consecutive week of inflows
According to the report, $70 million of the total weekly inflows went into Bitcoin products, with the leading cryptocurrency seeing five straight weeks of inflows. Year-to-date BTC inflows currently stand around $4.64 billion, bringing the total assets under management in Bitcoin to about $50.3 billion.
CoinShares highlights that the SEC's decision to clear the first futures-backed ETF could see fresh investors enter the market to significantly push inflows higher in the coming weeks.
Bitcoin's price has risen to highs near its all-time high, with action above $64,000 likely to see the world's largest crypto by market cap seek new highs.
But while Bitcoin has seen five consecutive weeks of investment inflows, the same has not happened for the world's second-largest cryptocurrency Ethereum (ETH).
As shown by the data in the report, Ethereum saw a second straight week of outflows, with last week's exits of $0.9 million bringing monthly withdrawals to $12.5 million.
Regarding Ethereum's outflows, CoinShares' researchers noted that the "flows are not significant to define a trend at present".
Solana (SOL) also saw minor outflows over the past week, with investors in funds and products in the 7th ranked cryptocurrency project withdrawing about $0.3 million.
The post Crypto assets under management reach a record $72BN appeared first on Coin Journal.
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Benson Toti, Khareem Sudlow