Ethereum and bitcoin posted record-setting inflows last week. Further analytics from a recent CoinShares report shows investors dumped more money into crypto last week than any week since February.
The total inflow across the entirety of available digital assets hit $489 million during the last week in April. The total inflow of cryptocurrencies went over $1 billion during the month as a result. The CoinShares’ report stated, “The high inflows conceal varied flows amongst providers, with many seeing outflows in Europe, while their North American peers saw strong inflows.”
While the market continues to experience show strength, ETH continued to lead. Ethereum has seen a huge uptick in valuation over the last month and keeps breaking records. On May 5, Ethereum set its highest daily close at $3,532. Overall, Ether is up over 360% since the beginning of the calendar year.
While ETH was busy setting records, bitcoin still managed to record an inflow of $442 million last week. Bitcoin’s total inflow for the year reached $4.2 billion as a result. Assets that are under management denominated in BTC are now valued at over $47 billion. This is good news for investors who, the week prior, suffered through record bitcoin outflows.
The report suggests that investors are still interested in rolling the dice on highly volatile assets. Interest in crypto could also have a direct correlation to rising institutional interest and major corporations buying digital assets, such as Tesla.
Petr Kozyakov, CEO of the global payment network Mercuryo, shared his ideas for why there’s been a surge in Ethereum prices.
“The biggest reason for the surge (in ETH) appears to be the growing number of developers building DeFi applications on the platform, but also the growing institutional interest.”
Multi-asset products, the third biggest sector other than BTC and ETH gained $9.2 million last week via inflow. Smaller assets like Binance, XRP, DOT, and ADA saw lower levels of inflows that totaled less than $10 million overall. Dogecoin meanwhile, continues to stand tall in the crypto landscape. DOGE reached an all-time high of $0.738 on May 5 and has the fourth-highest market cap of all cryptocurrencies.