According to reports, CoinShares weekly fund inflow report on March 22 shows that there is a reduction in its inflow. The report shows that the total amount of funds flowing into institutional crypto products for the week is $99 million. CoinShares claims that the demand from US institutional investors declined slightly. However, in Europe, investors are still buying and the demand is still normal.
Furthermore, the report data shows a sharp decline. Also, there is a decrease in the capital inflow by 59% from $242 million in the previous week. However, the researchers pointed out that the assets under management of top institutional investment products hit a record $57 billion.
Coinshares report shows that despite the reducing demand in the U.S., institutions in Europe and Canada continue to buy last week. With the massive inflow of funds into Ethereum in February, institutions seem to be setting their sights on Bitcoin again. Last week, $85 million entered the Bitcoin fund. In contrast, products based on Ethereum only received US$8 million.
Grayscale is still the market leader in institutional investment. According to Grayscale’s tweet released on March 23, its total assets under management are $44.2 billion. Of these, 84% invested in Grayscale Bitcoin Trust Fund.
CoinShares own fund ranks second in terms of asset management scale, with a scale of just under $5 billion. It was the only institutional crypto fund that experienced capital outflows this week, with an outflow of $25.9 million.
Bitcoin hits $61,000 in a new record last week
As of last week, there was a tremendous increase in the demand for Bitcoin as it rises over the $60,000 mark. Although more expensive, it appears that BTC attracts more buyers. Since there is a huge demand for funds for its protection, Bitcoin is becoming increasingly scarce and expensive.
Presently, many miners now rely on new cooling technologies for 3D accelerators. In fact, oil cooling is now in use, in addition to the regular liquid cooling. However, cryptocurrencies generally are growing rapidly. As Bitcoin hits $61,000, Etherium climbs to $2,000 while Binance Coin may soon storm the $ 300 mark.
Bitcoin was pretty average earlier this year, obviously before Tesla spent US$1.5 billion to invest in Bitcoin. After this investment, the price of Bitcoin rose significantly. According to CoinMarketCap’s record on February 19, the value of each Bitcoin price has reached US$55,000. More interestingly, the market value has exceeded the US$1 trillion threshold for the first time.