Digital Asset Funds Record $346 Million Inflows as Assets Under Management Surge Past $45.3 Billion

cryptonews.com:

Cryptocurrency products recorded a massive $346 million in weekly inflows, marking the highest figure in the past nine weeks of consecutive gains. 

A CoinShares Digital Asset Fund Flows Weekly Report shows a growing bullish sentiment in the market after positive signs from institutional investors as they continue to acquire exposure to cryptocurrency products for nine consecutive weeks. 

The total inflow recorded last week totaled $346 million as anticipation of a spot Bitcoin ETF approval spurs a new cycle in the market. According to analysts at CoinShares, the amount of gains recorded in nine weeks has become the highest since the 2021 bull run.

Market leader Bitcoin notched inflows of $312 million last week raking up the yearly total to $1.5 billion while short Bitcoin saw the third week of outflows with $0.9 million. Assets under management (AUM) has soared to its highest point in 18 months after it moved past $4.3 billion.

With rising prices and increasing decentralized finance (DeFi) activity, investors and crypto users are staking more coupled with acquisitions of more products through asset management increasing the sector’s AUM.

Ethereum has turned the tide on the altcoin front posting $34.8 million in inflows last week raising the positive run to four consecutive weeks after multiple weeks of outflows despite the launch of  ETH ETFs. Ether now trades above the $2,000 mark although several commentators say the asset continues to trade below par as many asset managers rank it a favorite cryptocurrency.

Solana (SOL) which has been an institutional investor favorite for the major parts of the year notched inflows but was behind Ethereum as total flows to its products stood at $3.5 million. Other altcoins including