Last week, there were some tiny inflows in Ethereum investment products.
The whole market valuation of digital currencies increased by nearly $500 billion in the last two weeks, indicating a significant increase in the cryptocurrency sector. The aggregate value of global cryptocurrency assets under management (AUM) surged fast as a result of the recent jump.
According to CoinShares’ most recent weekly digital asset, fund flows report, the entire value of Global cryptocurrency AUM surpassed $50 billion last week, marking its highest level since mid-May 2021.
CoinShares also brought attention to a fascinating statistic concerning Ethereum, the world’s second-most valuable cryptocurrency. Ethereum’s market share has climbed dramatically since the start of 2021, according to the data, and the cryptocurrency currently accounts for about 26% of all investment products. Ethereum represented only 11% of the overall crypto AUM in January 2021.
“Ethereum saw minor inflows totaling US$2.8m last week, it has not seen the same level of outflows over the last few months relative to Bitcoin. Other cryptocurrency assets saw minor inflows, such as XRP, Bitcoin Cash, Cardano and multi-asset which saw inflows of US$1.1m, US$1m, US$0.8m and US$0.8m respectively,” CoinShares mentioned in the report.
Global cryptocurrency users hit 221 million in June 2021, according to data published by Crypto.com. In the last six months, the use of digital assets has exploded. CoinShares forecasted a considerable increase in the overall number of cryptocurrency funds and investment products in 2021 in its most recent weekly report.
“We’ve observed an increase in the number of funds/investment products listed recently, with a new high of 37 this year compared to the previous high of 30 in 2018.” The majority of these have been in actively managed funds, despite their limited market share of 2.5 percent compared to passive investment products, according to the business.
Bitcoin investment products had $20 million in withdrawals during the last week of July 2021. Institutional interest in the world’s largest cryptocurrency has dwindled since mid-May.