CoinShares, the digital asset investment manager, said that institutional demand in the US has declined slightly however European funds are still buying.
It has been reported that combined flows into institutional crypto products totaled $99 million for the week ending March 20.
However, the data indicate a significant decline in institutional demand, with inflows down 59% from the previous week, which recorded $242 million. The researchers noted that the assets under management figure for the top institutional investment products reached a record high of $57 billion.
The report said that while demand has declined in the US, institutions located in Europe and Canada continued buying last week. Daily volumes for Bitcoin-related products have also declined by around 35% to $713 million per day versus $1.1 billion per day on average for 2021.
Trading volumes remain steady at $11.8 billion per day.
CoinShares noted that there was very little interest in Binance Coin, Ripple, and Bitcoin Cash-based products.
Thus, CoinShares’ own fund, which ranks second in terms of AUM with just under $5 billion, was the only institutional crypto manager to record an outflow for the week, losing $25.9 million.