Data: The value of cryptocurrency held by institutional investors reached a record $57 billion

CoinShares' data shows that the funds flowing into grayscale products continue to surge. Bitcoin remains the preferred asset for institutional investors.

Last week, the funds flowing into cryptocurrency investment products exceeded US$ 57 billion, a record high, highlighting the rapid adoption of digital assets by institutions.

CoinShares, a digital asset management company, said in its weekly capital inflow report that the net inflow of digital asset investment products increased by $99 million in the week ending March 19. Gray has received a capital inflow of 9.1 million dollars, bringing its total capital inflow to 2.373 billion dollars so far this year. Compared with the previous week, the inflow into CoinShares decreased by 25.9 million US dollars, and the inflow so far this year decreased by 93 million US dollars.

Up to now, Grayscale is the largest digital asset management company in the world. As of March 22nd, the assets managed by the company reached 44.2 billion US dollars.

Updated on March 22nd, 2021:

The net assets under management, the holding amount per share and the stock market price of the investment products of the Company, and the total assets management scale reached USD 44.2 billion.

-gray scale, March 22nd, 2021

With the exception of Ripple, all major assets tracked by CoinShares have a record inflow of funds every week, with $85.3 million flowing into Bitcoin (BTC) last week. Interestingly, the trading volume of Bitcoin investment products dropped to 713 million USD/day last week, which is lower than the average daily level of 1.1 billion USD so far this year.

The capital flowing into Ethereum (ETH) products increased by USD 7.8 million. The multi-asset fund earned $4.2 million.

CoinShares report highlights the regional differences in institutional demand, with American institutional demand falling while European and Canadian institutional demand rising. Canada has become a hotbed of Bitcoin exchange-traded funds (ETFs), and the trading volume of Purpose Bitcoin ETF reached 100 million US dollars shortly after its launch in February. The fund is expected to surpass all other ETFs in Canada within two months.

Institutions have become the main driving force of cryptocurrency bull market. Compared with the frenzy driven by retail investors in 2017, this bull market is more lasting, and institutions may have laid the foundation for this. Last week, Bitcoin price exceeded 61,000 USD, and a well-known Bitcoin miner predicted that the peak value of Bitcoin price would be between 150,000 USD and 300,000 USD.