Institutions Continue Heavy Allocation to Crypto As Bitcoin (BTC) Hits $42,000 Mark: CoinShares – The Daily Hodl

Digital assets manager CoinShares finds that blue–chip investors continue to allocate to Bitcoin (BTC) and crypto investment products as markets surge.

In its latest fund flows report, CoinShares says that institutions poured asset $176 million into crypto markets last week, reaching a 10-week total of $1.76 billion.

“Digital asset investment products saw inflows totaling $176 million last week, marking the 10th consecutive week of inflows, totaling $1.76 billion, or 4% of assets under management (AUM). This run of inflows is now the largest since October 2021, which saw the launch of the futures-based ETF (exchange-traded fund) in the US.”

According to CoinShares, the US, Germany, and Canada saw the most activity while BTC and the top smart contract platform Ethereum (ETH) were the two digital assets that saw the most inflows.

“Regionally, the focus was Canada, Germany and the US, which saw inflows of $79 million, $57 million and $54 million, respectively. Minor outflows were seen from Hong Kong totaling $15 million…

Bitcoin was the main beneficiary, seeing $133 million inflows, although short, Bitcoin, after a 3-week run of outflows, saw inflows of $3.6 million last week.

Ethereum saw a further $31 million inflows last week, bringing this 5-week run to $134 million, and for the first time this year, net flows are now positive at $10 million, following a long bout of negative sentiment.”

Bitcoin is trading for $41,394 at time of writing, a 4.30% raise on the day while Ethereum is moving for $2,095.

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• Source: https://dailyhodl.com/2023/12/04/institutions-continue-heavy-allocation-to-crypto-as-bitcoin-btc-hits-42000-mark-coinshares/