Institutional Investors Pump $1B into Crypto Despite Price Drop

Institutional investors continued their buying spree in the crypto market last week, despite a decline in prices, according to digital asset tracking and management firm CoinShares. The firm reported that institutional investors poured over $1 billion into crypto products, marking the fifth consecutive week of inflows.

Total assets under management in exchange-traded products (ETPs) fell to $163 billion, down from its all-time high of $181 billion set in late January. However, trading volumes held steady at $20 billion. The US led the world regionally with $1 billion in inflows, followed by Germany, Switzerland, and Canada with $61 million, $54 million, and $37 million, respectively.

Bitcoin (BTC) raked in $407 million last week, but Ethereum (ETH) stole the show with inflows of $793 million, outpacing Bitcoin for the first time this year. This significant buying-on-weakness occurred as Ethereum's price fell close to $2,100.

Multi-asset investment vehicles brought in $14.4 million in inflows, while XRP led all non-ETH altcoins with $21.1 million in inflows. Solana (SOL) products brought in $11.2 million in inflows last week, and Sui (SUI) investment vehicles enjoyed $4.3 million in inflows.