Cryptocurrency investment products saw their highest weekly inflows ever last week, as investors poured $3.85 billion into these funds amid a cryptocurrency market rally that saw the price of Bitcoin briefly top the $100,000 mark before correcting lower.
According to CoinShares’ Digital Asset Fund Flows report, Bitcoin-focused investment products saw a $2.56 billion inflow last week, while products offering exposure to Ethereum’s Ether, the second-largest cryptocurrency by market capitalization saw $1.15 billion inflows, a record high for these products.
Products offering exposure to the native token of the XRP Ledger, XRP, also stored out with $134.3 million inflows, nearly half of the $275 million inflow these products have seen year-to-date, according to the report.
The price of XRP surged more than 11% over the past week to hit a near $2.65 high before correcting along with most other digital assets. The cryptocurrency saw an exponential rise over the past month, surging by 337% in the period from around $0.55 to a $2.9 high. At the time of writing, XRP is trading at $2.4.
Investment products offering investors exposure to Cardano’s ADA, which also saw a significant price surge over the last 30-day period, saw $5.2 million inflows, around one-quarter of the inflows these products have seen so far this year.
Other alt coins, including Binance’s BNB, Litecoin, and Chainlink, saw inflows between $2.2 million and $0.7 million, while products shorting the flagship cryptocurrency Bitcoin saw $6.2 million inflows.
Outflows, the report reveals, were seen for products offering exposure to multiple digital assets, and for products offering exposure to popular smart contract platform Solana. These saw $6.3 million and $14.1 million outflows, respectively.
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