Institutional managers hold a record value of $ 57 billion in cryptocurrency, says CoinShares

The inflow of investment in cryptocurrency investment products reached $ 57 billion last week, a new all-time high and underscoring the rapid adoption of digital assets between institutions.

In its weekly report on the influx of digital asset managers CoinShares, said net inflows in digital asset investment products for the week ending March 19 increased $ 99 million. There was an inflow of $ 9.1 million in grayscale, bringing its total annual value to $ 2.373 billion. Flows to CoinShares fell $ 25.9 million from the previous week. Year-on-year flows fell by $ 93 million.

Grayscale is by far the largest digital asset manager in the world, with Assets under management of $ 44.2 billion as of March 22.

With the exception of Ripple, all major assets monitored by CoinShares recorded a weekly inflow, with $ 85.3 million flowing into bitcoins (BTC). Interestingly, trading volumes of bitcoin investment products eased to $ 713 million per day last week, down from an average of $ 1.1 billion this year.

Tide to Etherea (ETH) products increased by USD 7.8 million. Multi-asset funds generated $ 4.2 million.

The CoinShares report highlighted regional differences in institutional demand, with the US experiencing a decline in appetite, while Europe and Canada reported gains. Canada became the focus of bitcoin-traded funds, as seen by the Purpose Bitcoin ETF $ 100 million shortly after launch February. The fund is expected to be surpass all other ETFs in Canada in two months.

Institutions have become a major driver of the cryptobics market, paving the way for a longer rally than the retail euphoria of 2017. The price of bitcoin last week reached $ 61,000, with one prominent BTC miner prediction peak in the range of $ 150,000 to $ 300,000.

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