Cryptocurrency investment products saw a second consecutive week of inflows of US$24 million last week, despite the eighth consecutive week of outflows from Bitcoin of US$3.8 million, according to CoinShares, Europe’s largest digital assets fund manager.
Fast facts
- Total digital assets under management (AUM) across all digital asset fund providers last week stood at US$56.86 billion. Altcoins, including Ethereum, now represent 32% of the total digital assets under management — close to the peak of 35% set in mid-May and exceeding the 30% highs seen in January 2018.
- Cardano — the third-largest cryptocurrency by market value — saw inflows of US$10.1 million last week — the largest inflows on record, taking its market share to 0.15%, CoinShares reported. Cardano has surged in recent weeks in the lead-up to its much anticipated “Alonzo” hard fork scheduled to take place on Sept. 12.
- The market share for Ethereum, which saw inflows of US$17.2 million last week, remained stable at 25%, according to CoinShares.
- Solana and Polkadot also saw inflows of US$2.7 million and US$1.5 million respectively while Binance, XRP and multi-asset investment products saw outflows of US$3.3 million, US$0.3 million and US$0.2 million respectively. Solana, a proof-of-stake blockchain and challenger to the Ethereum blockchain, has been surging in recent weeks and reached a new all-time high of US$117.65 today, according to CoinGecko data.