Dado Ruvic/Reuters
- CoinShares data showed strong inflows pushed ether holdings to record highs.
- Overall, digital assets saw the largest inflows since February last week.
- Bitcoin cash saw outflows of 10%, knocking it out of the top ten most-held digital assets list.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Investors poured the most money into crypto assets since February last week, analytics firm CoinShares data showed on Tuesday. Inflows across all digital assets totalled $489 million in that time, taking total inflows into crypto assets to just over $1 billion throughout April.
"The high inflows conceal varied flows amongst providers, with many seeing outflows in Europe, while their North American peers saw strong inflows," CoinShares said in its report.
Ether holdings were boosted by strong inflows worth $30 million and assets under management reached a record high of $13.9 billion. This equals about 21% of overall crypto assets under management held by investment houses like Grayscale and CoinShares.
Ether has been surging in value over recent weeks and continuously breaking its own records. On Tuesday, it reached its highest valuation yet at over $3,500.
Ether investments were only topped by bitcoin, which saw the highest levels of weekly inflows at $442 million. Investors appear to be more positive about the highly volatile cryptocurrency according to the report.
After reaching record highs of almost $65,000 in mid-April, the digital asset fell below $50,000 towards the end of the month, raising some concern among investors about a more sustained drop. Bitcoin has since recovered some ground and was last trading at around $55,000 on Wednesday.
Assets under management denominated in bitcoin are now worth just over $47 billion, or around 73% of total digital assets managed by institutional investors, the report showed.
Bitcoin cash saw outflows of $1.7 million last week, or around 10% of total assets under management, which knocked it out of the top ten most widely owned digital assets.
Multi-asset products, which are the third largest sector behind bitcoin and ether, gained $9.2 million last week. The smaller cryptocurrencies such as Ripple's XRP, Polkadot's DOT, Cardano's ADA and binance all saw low levels of inflows, totalling $9.2 million.
Outside of institutional crypto investing, dogecoin has been dominating the crypto scene. The token, which started as a joke, has rallied over the past weeks and is now the fourth largest cryptocurrency based on market capitalization, according to CoinMarketCap data. Bitcoin, ether and binance are still ahead of dogecoin in that order. XRP is fifth in line.
Looking at investment providers, Grayscale continues to dominate the field and controls over 76% of digital asset holdings. Second in line is CoinShares, which saw outflows of around $46 million last week and now oversees approximately 9% of crypto assets. 3iQ was boosted by inflows worth $554 million and remained the third largest institutional crypto asset manager, according to the report.