Digital asset management firm CoinShares said corporate demand in the US has declined somewhat while purchases continue in funds in Europe.
According to Coinshares’ Weekly Funds Flows report dated March 22, the total capital transferred to institutional crypto products reached $ 99 million in the week ending March 20.
The data show a significant 59 percent drop in corporate demand. Last week, 242 million dollars were transferred to these products.
On the other hand, researchers noted that the value of managed assets of leading corporate investment products reached an all-time high of $ 57 billion.
According to the report, while the demand decreased in the USA, purchases continued in the establishments in Europe and Canada.
The daily volume of Bitcoin-related products also fell by around 35 percent to $ 713 million per day. This number was measured on average 1.1 billion dollars for 2021. The transaction volume continues to be 11.8 billion dollars per day.
After massive capital transfer to Ethereum products in February, it seems like organizations have turned to Bitcoin again. Last week, $ 85 million entered BTC funds, while only $ 8 million was transferred to ETH-based products. CoinShares added that there has been little interest in Binance Coin, Ripple and Bitcoin Cash-based products.
When it comes to corporate investment, Grayscale remains a leader with $ 44.1 billion in managed assets. 84 percent of this amount was invested in the company’s Bitcoin Trust.
03/22/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) March 22, 2021
CoinShares’s own fund, which ranks second in terms of managed assets with almost $ 5 billion, was the only institutional investment fund to lose capital last week. $ 25.9 million was removed from the fund.