Bitpush data: Institutional managers hold $57 billion worth of cryptocurrencies, a record high

Data: Institutional managers hold $57 billion worth of cryptocurrencies, a record high

Inflows into Grayscale products continue to surge, according to CoinShares data. Bitcoin remains the asset of choice for institutional investors.

Inflows into cryptocurrency investment products hit a record high of more than $57 billion last week, highlighting the rapid adoption of digital assets by institutions.

Digital asset manager CoinShares said in its weekly inflow report that digital asset investment products saw an increase of $99 million in net inflows through March 19. Greyscale generated $9.1 million in inflows, bringing its year-to-date total to $2.373 billion.

Grayscale is by far the world’s largest digital asset manager, with assets under management reaching $44.2 billion as of March 22.

CoinShares tracks weekly inflows for all major assets except Ripple, with $85.3 million flowing into Bitcoin. Trading volume in Bitcoin investment products fell to $713 million per day last week, below the $1.1 billion average so far this year. Inflows into Ethereum products increased by $7.8 million.

The CoinShares report highlights regional differences in institutional demand, with demand falling in the United States while growing in Europe and Canada. Canada has become a hotbed for bitcoin exchange-traded funds, with the Purpose Bitcoin ETF garnering $100 million in volume shortly after its launch in February. The fund is expected to surpass all other ETFs in Canada within two months.

Institutions have become the main drivers of the crypto bull run, which saw the price of Bitcoin surpass $61,000 last week.

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