Last week, investments by institutional investors in cryptocurrency funds reached $233 million, a record level since the beginning of March.
Bitcoin continues to be of the greatest interest to institutions. It accounted for $108 million in institutional capital. Ethereum-related products follow bitcoin with $65 million of institutional investments in a weekinvestments. The third place is XRP-related products, which attract institutional investors despite the lawsuits against its developer, Ripple Labs. The US financial regulator accuses the company of issuing and selling unregistered securities. The weekly inflow of institutional investments in XRP reached $33 million. Such data are contained in the report of the analytical CoinShares.
Investments in crypto funds in the second week of April were the largest since the beginning of March 2021.
Over the week, the volume of trading in digital assets increased significantly. The increase was about 59% compared to last week.
According to CoinShares analysts, the surge in institutional activity was triggered by the rise in the bitcoin rate in anticipation of the direct listing of Coinbase shares on Nasdaq. Listing took place on April 14th. But after Coinbase went public, the market plunged into a correction. After reaching $65,000, bitcoin fell to $54,000 on Sunday.