Last week, more than 57 billion U.S. dollars flowed into cryptocurrency investment products, a record high, highlighting that institutions are rapidly adopting digital assets.

Digital asset management company CoinShares stated in its weekly fund inflow report that in the week ended March 19, the net inflow of digital asset investment products increased by US$99 million. Grayscale received a capital inflow of 9.1 million U.S. dollars, bringing its total capital inflow so far this year to 2.373 billion U.S. dollars. The inflow of funds to CoinShares decreased by US$25.9 million from the previous week, and the inflow of funds so far this year has decreased by US$93 million.

To date, Grayscale is the world’s largest digital asset management company. As of March 22, the company’s assets under management reached 44.2 billion U.S. dollars.

Update on March 22, 2021:

The company’s investment products under management have net assets under management, holdings per share and market price per stock market, and the total asset management scale has reached US$44.2 billion.

—Grayscale March 22, 2021

Except for Ripple, all major assets tracked by CoinShares have recorded weekly inflows of funds, with $85.3 million flowing into Bitcoin (BTC) last week. Interestingly, the trading volume of Bitcoin investment products fell to US$713 million per day last week, which is lower than the average daily level of US$1.1 billion so far this year.

Funds flowing into Ethereum (ETH) products increased by $7.8 million. The income of the multi-asset fund was $4.2 million.

The CoinShares report highlights regional differences in institutional demand, with US institutional demand falling, while European and Canadian institutional demand rising. Canada has become a hotbed of Bitcoin exchange-traded funds (ETF), and the Purpose Bitcoin ETF had a trading volume of US$100 million shortly after its launch in February. The fund is expected to surpass all other ETFs in Canada within two months.

Institutions have become the main driving force of the cryptocurrency bull market. Compared with the retail-driven mania in 2017, this bull market is more durable, and institutions may have laid the foundation for this. Last week, the price of Bitcoin exceeded USD 61,000. A well-known Bitcoin miner predicted that the peak value of Bitcoin would be between USD 150,000 and USD 300,000.