Institutional crypto products saw outflows for the fifth straight week despite the market booming.
The institutional asset manager CoinShares has in its Digital Asset Fund Flows Weekly, Monday’s report on digital asset cash flow, estimated outflows this week to be $ 26 million. However, the report says that runoffs have decreased compared to May and June. Back then, drains hit a record $ 141 million a week.
Although Bitcoin (BTC) was up 17.5 percent over the past week, Bitcoin funds lost $ 33 million over the same period.
CoinShares’ BTC product was the biggest loser with a $ 63.3 million outflow, while the numbers at Grayscale, the world’s largest crypto asset manager, were flat. The fund’s total assets under management rose to over $ 40 billion for the first time since mid-May, according to a recent release from Grayscale on Tuesday.
08/09/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $ 40.4 billion$ BTC $ BAT $ BCH $ LINK $ MANA $ ETH $ ETC $ FIL $ ZEN $ LTC $ LPT $ XLM $ ZEC $ UNI $ AAVE $ COMP $ CRV $ MKR $ SUSHI $ SNX $ YFI $ UMA $ BNT $ ADA pic.twitter.com/ju95J9n68H
– Grayscale (@Grayscale) August 9, 2021
However, the Ether investment products posted inflows of $ 2.8 million this week, as Ether (ETH) rose sharply again after the successful upgrades in the wake of the London Hard Fork last week. Ether products now make up 26 percent of the capital invested in institutional crypto products.
There have also been, albeit minor, inflows in some altcoin funds, including XRP, Bitcoin Cash (BCH), Cardano (ADA), and multi-asset funds. These have each recorded inflows of between $ 1.1 million and $ 800,000.
CoinShares also noted that 37 new crypto funds were launched in 2021. This has already exceeded the number of cryptocurrency funds that were launched in 2018:
“The number of listed funds / investment products has grown faster lately: 37 products were launched this year, compared to the previous high of 30 in 2018.”
According to the latest market developments, the total assets under management of all institutional crypto products have exceeded the 50 billion US dollar mark. This is the highest level since mid-May.
In this context: Institutions continue to avoid Bitcoin investments despite recovery
CoinShares has also released its results for the first half of 2021. Total sales were $ 81.2 million. CoinShares has already earned three times as much in the first half of this year than in 2020 as a whole.
As of June 30, 2021, CoinShares had a total volume of $ 3 billion. This corresponds to an increase of 27.6 percent compared to the end of December 2020.