Amid stiff competition, Bitcoin outshines others to gather $97.8 million in inflows

In the past 24 hours, the total transaction volume of cryptocurrency had exceeded $100 billion. This marked an increase of 63.07% over the previous day. The total market value, at press time, is $2.12 trillion, a month-on-month increase of 4.75%.

Such a bullish trigger incorporated an impressive institutional inflow across different digital assets.

What a rise 

Institutional investments into cryptocurrencies were at the highest levels in three months. A sharp rise from the previous week which saw outflows of $47 million. Thus, marking a recovering from the bloodshed.

According to the latest CoinShares Digital Asset Fund Flows Weekly report, investment products for digital assets saw total inflows of $193 million last week. This marked the highest inflows since a late last year as evident in the plot below.

Such impressive investment levels came into effect somewhere in December, seeing $184 million worth of inflows. Geographically speaking, the majority (76%) of inflows came from Europe at $147 million. While the Americas “lagged at $45 million, with some providers continuing to see minor outflows,” the report noted. 

Leading from the front

Bitcoin, the largest cryptocurrency led the charge as it enjoyed $98 million in inflows last week.

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Source: CoinShares

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The study added:

“Investors focused on Bitcoin which saw inflows totaling US$98m last week, bringing year-to-date inflows to US$162m.”

Ethereum, the 2nd largest cryptocurrency saw a decent rise as it recorded $10.2 million in investor inflows last week. However, smart contract platform dubbed ‘Ethereum-killer’ Solana (SOL) far outperformed ETH. Solana saw the most significant single week of inflows on record totaling $87 million, representing 36% of AuM.

“Solana saw the largest single week of inflows on record totaling US$87m, representing 36% of AuM [assets under management]. AuM now sits at US$241m, making it the 5th largest investment product and the largest single altcoin other than Ethereum.”

In the previous report on March 23, SOL registered negligible net flows (around $0.7m) as compared to other tokens. Ergo, SOL recovered from its battle scars in the previous week.

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Digital asset investment products focused on altcoins Cardano (ADA), Polkadot (DOT) and Cosmos (ATOM) enjoyed small inflows last week. The statistics totalled $1.8 million, $1.2 million, and $0.8 million.