Institutional Inflow Into Bitcoin Hit A New Record High, Tron Joins The Ranks
According to a recent report from CoinShares, year-to-date inflows to Bitcoin hit record high of US$6.4 billion. At the same time, institutional investors are shifting the capital they’re allocating to the crypto markets, with a surprise altcoin Tron suddenly on the plate.
Digital asset management firm CoinShares, published their latest report on crypto investment products revealing that the asset class saw inflows totalling US$174m last week, marking the 12th consecutive week of inflows. This brings year-to-date inflows to US$8.9bn, significantly greater than the US$6.7bn seen in 2020.
As a surprise to many, Tron (TRX) a digital platform focussed primarily on hosting entertainment applications, has seen inflows totalling US$79m over the last 7 weeks making it the 8th largest by AuM.
Ethereum (ETH), Solana (SOL), Polkadot (DOT), Cardano (ADA) and XRP had notable weekly inflows, according to CoinShares report.
In the week that ended November 5th, Ethereum recorded $31.4 million in inflows, Solana registered $9.6 million in inflows while Polkadot and Cardano recorded $8.5 million and $5 million in inflows, respectively. Inflows into XRP over the same period reached $2.5 million.
Over the past week, Bitcoin (BTC) saw the largest volume of inflows among all crypto assets.
“Bitcoin saw inflows totalling US$95m last week representing the largest inflows of all digital assets. Inflows in this 8-week bull-run now total US$2.8bn with year-to-date inflows now at a record US$6.4bn.”
