Cryptocurrency investment products saw a sharp increase in inflows last week, driving the year-to-date (YTD) total above $10 billion, according to data from European crypto investment manager CoinShares.
Global crypto exchange-traded products (ETPs) recorded $3.3 billion of inflows during the week ending May 24, bringing total inflows YTD to a record $10.8 billion, CoinShares reported on May 26.
CoinShares head of research James Butterfill said total assets under management (AUM) in crypto ETPs briefly reached an all-time high of $187.5 billion, reflecting strong investor interest.
“We believe that growing concerns over the US economy, driven by the Moody’s downgrade and the resulting spike in treasury yields, have prompted investors to seek diversification through digital assets,” Butterfill wrote.
Bitcoin ETPs lead with $2.9 billion in inflows
Bitcoin (BTC) led last week’s inflows to crypto ETPs with $2.9 billion, a quarter of total