Institutions Go for New Terra (LUNA), Tezos (XTZ) and Cosmos (ATOM) Investment Products: CoinShares
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Digital asset manager CoinShares says institutional investors are flooding to newly-created layer-1 crypto investment products.
While Bitcoin (BTC) enjoyed over $20 million in inflows and Ethereum (ETH) broke a nine-week outflow trend, institutions also flocked to newly created altcoin investment products for Terra (LUNA), Tezos (XTZ), and Cosmos (ATOM).
“Recently created altcoin investment products, Terra, Tezos and Cosmos all saw inflows totaling US$2.2m, US$0.9m and US$0.6m respectively.”
The largest crypto by market cap, Bitcoin, sustained the largest share of inflows last week, reaching $25 million and capping off a four-week run of inflows, according to CoinShares.
After nine weeks of outflows, leading smart contract platform and second-biggest crypto by market cap Ethereum had the second-largest amount of institutional inflows last week.
“Ethereum finally broke its 9-week spell of outflows with inflows totaling US$21m last week.”
Investment products containing multiple digital assets, also known as multi-asset digital investment products, received inflows of nearly $20 million last week.
“Multi-asset (coin) investment products remain popular with inflows totaling US$19m last week…”
Finally, Solana (SOL) and XRP also received multi-million dollar inflows from institutional investors.
“Solana and [XRP] saw inflows totaling US$3.1m and US$2m respectively.”
According to CoinShares, there is currently a slight difference in inflows depending on geography.
“There are some regional variances, with US$5.5m of outflows in the Americas and US$80.7m of inflows into
European investment products.”
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