September 18, 2021

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Institutional exposure to altcoin products reaches record highs

Institutional demand for altcoin exposure has hit record highs, with altcoin’s market share now reaching a record 35% of the capital locked in cryptocurrency investment products.

According to Sept. 7 from CoinShares Weekly feeds on digital asset funds report, nearly 40% of last week’s rumors in digital asset investment products were assigned to altcoin tracking tools.

While $ 97.8 million was invested in combined crypto investment products between August 30 and September 3 to celebrate the third consecutive week of signups, $ 38.9 million was invested in altcoin products.

Institutional investments in cryptocurrencies last week also increased significantly, with the previous two weeks seeing inflows of $ 24 million and $ 21 million, respectively.

About 35% of the capital invested in institutional cryptocurrency investment products is currently locked into non-Bitcoin asset tracking tools, including a new test of the metric’s all-time high since May.

Ethereum (ETH) Tracking products dominated the altcoin package for the second consecutive week, posting $ 14.4 million in revenue, down 16.2% from $ 17.2 million the week before.

There was a whopping 388% spike in weekly entries for Solana (SOL) based products, with SOL products taking in $ 13.2 million. It coincided with the price of SOL 37% gain over the same period.

CoinShares pointed out that revenue in Solana products has doubled since the beginning of the year (YTD) last week, with $ 25 million invested in SOL instruments throughout 2021 so far. SOL-based products now represent $ 44 million in assets under management (AUM).

The Cardano (ADA) and Polkadot (DOT) -based funds also recorded substantial inflows of $ 6.5 million and $ 2.7 million, respectively.

Bitcoin (BTC) investment products withstood the eight-week cash outflow trend longest run ever recorded for any digital asset product after receiving an inflow of $ 58.9 million for the week. Despite the shift in bullish momentum, BTC investment products have been releasing versions for 14 of the past 17 weeks.

Related: The total market capitalization of public crypto stocks has quadrupled since January

According to CoinShares estimates, institutional wealth managers currently have a combined total of $ 62.5 billion in assets under management, close to the record of $ 66 billion recorded in mid-May.

Top Institutional Asset Manager Grayscale continues to dominate the competition, accounting for 73% of the industry’s total assets under management at $ 46.2 billion.

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