Institutional crypto funds see largest capital inflows for 3 months

cointelegraph.com:

CoinShares data revealed on Tuesday, March 29, that institutional investments into cryptocurrencies are at the highest levels in three months, a sharp rise from the previous week which saw outflows of $47 million.

The Digital Asset Fund Flows Report revealed that investment products for digital assets saw total inflows of $193 million last week, a level not seen since early December 2021.

The last time investment levels were near the current figure was in the week ending on December 3rd, which saw $184 million worth of inflows.

The fund flows had a big focus on Bitcoin (BTC), with just over 50% of the capital going into products based on BTC, which saw inflows totaling $98 million.

Solana (SOL) was runner-up, seeing $87 million inflows for the week, a figure that CoinShares says is the “largest single week of inflows on record”. SOL-based funds now represent 36% of assets under management with institutional firms, the largest altcoin after Ethereum (ETH). Ether-based funds saw inflows last week totaling just $10.2 million.

Europe was the significant contributor, with firms there seemingly bolstered by the news that the bill banning proof-of-work (PoW) mining did not pass. 76% of inflows or about $147 million came from the region last week.

The figures from the report are in sharp contrast to the data the week prior, which saw $49.4 million withdrawn from Bitcoin and Ethereum from mostly North American firms with concerns regarding increasing crypto regulations.

Related: IOSCO says DeFi is quickly evolving and 'cloning financial markets'

The inflows of cash by institutional firms correlate with the price of Bitcoin seeing a recent surge being pushed above $48,500 at one point. The same was true with Ethereum which has broken out