Global Cryptocurrency AUM Reaches $72 Billion
Last week saw large institutional inflows to Bitcoin, the largest cryptocurrency in the world. Inflows totaling $80 million were recorded for crypto investment products during the week.
The latest digital asset weekly funds flows report by CoinShares shows that the global total value of cryptocurrency assets under management (AUM), now stands at $72.3 billion. This is their highest ever record. The total value of Bitcoin assets under administration is approximately $50 billion.
Bitcoin investment products saw $70 million inflows last week. This is the 5th consecutive week of inflows to the world’s largest cryptocurrency asset. Polkadot received $3.6 million in inflows, while Cardano received $2.7 million in inflows.
Last week, inflows to digital asset investment products totaled US$80m. This week’s inflows combined with positive price movement have raised total assets under management (AUM), to US$72.3bn. This is their highest record and surpasses the May record of US$71.6bn. The largest inflows were made by Bitcoin, the most popular cryptocurrency in the world, which totalled US$70m. This is the 5th consecutive week for inflows,” CoinShares reported.
Institutional investors have increased their Bitcoin exposure in recent weeks due to Bitcoin’s latest price jump. With a market capitalization of more than $1.2 trillion, the cryptocurrency is trading close to its record high of $64,000.
CoinShares claims that the SEC’s recent decision to allow a cryptocurrency ETF will have a significant impact on future crypto inflows. The recent SEC decision to allow futures-based ETFs in the United States could lead to further significant inflows as US investors start to add to their positions. Last week, Ethereum saw outflows in excess of US$1 million. These flows, despite being the second week of outflows last week, are not enough to establish a trend. The report also stated that other altcoins such as Polkadot or Cardano experienced continued inflows of US$3.6m to US$2.7m, respectively.”
The market capitalization of cryptocurrency assets is now more than $2.5 trillion.