The cryptocurrency market added nearly $1 trillion in its market cap during the last 12 weeks. The institutional demand for crypto investment products is surging amid a jump in the price of digital assets.
According to the weekly cryptocurrency inflows report published by CoinShares, the digital asset investment products attracted a total of $99 million last week as the total cryptocurrency assets under management reached a record high of $57 billion.
Bitcoin, the world’s largest cryptocurrency attracted a total of $85 million last week. Ethereum and Polkadot reported weekly inflows of $8 million and $2 million respectively. Limited investment activities were reported in Binance, XRP, and Bitcoin Cash.
“Since the February price highs and heightened volatility, we have seen a steady decline in appetite amongst investors. Although it looks to be a regional divide, with declining appetite from the United States and sustained appetite in Europe and Canada. We have also seen a decline in Bitcoin Investment product trading volumes to $713 million per day last week, versus $1.1 billion per day for 2021,” CoinShares mentioned in the report.
The cryptocurrency market is up by more than 100% since the start of 2021. The overall market cap of digital assets touched an all-time high of $1.85 trillion on 20 March. In the last 24 hours, the market saw a correction of nearly $100 billion. Bitcoin remained the largest cryptocurrency in terms of market cap, the digital asset is now trading near $54,000 with a market cap of around $1 trillion. Ethereum, the world’s second-largest digital currency, is trading near $1,650. Grayscale is the largest cryptocurrency asset manager in the world. The company recently crossed $45 billion in digital assets under management. Grayscale has more than 654,000 Bitcoin under management along with 3.18 million Ethereum and 1.47 million Litecoin.
The digital asset manager recently introduced MANA, LPT, BAT, LINK, FIL investment trusts. The company holds more than 290,000 Bitcoin Cash (BCH), and nearly 12 million Ethereum Classic (ETC).