Digital asset funds enjoyed a resurgence in the first week of May resulting in fund flows of $373 million (€308 million).
Furthermore, inflows were shared across the featured cryptocurrencies, including new entrants cardano and litecoin, as well as ethereum which continued its recent momentum among investors.
The data, from Coinshares’ ‘Digital Asset Funds Flows Weekly Report’, covers global fund flows in digital asset investment products between May 1 and May 7, and while bitcoin remains the dominant crypto asset with $290 million of inflows, ethereum accounted for $59.8 million.
Newly launched investment products cardano and litecoin recorded $6.3 million and $2.7 million of inflows respectively, bringing their assets under management (AuM) for the year so far to $10.8 million and $12.5 million.
In terms of fund providers, Canada’s 3iQ captured the vast majority of inflows ($391.5 million).
Despite recording just $300,000 in inflows, US-based Grayscale remains the dominant digital fund provider in the market with $50.83 billion in AuM to date, mainly through its Bitcoin Trust product.
Meanwhile, Coinshares and ETC Issuance both suffered outflows of $27.5 million and $50 million, respectively.
According to Coinshares, these outflows were possibly a result of profit-taking.
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