Digital assets manager CoinShares says institutions poured in a new weekly record of $2.9 billion into crypto investment products last week in the seventh consecutive week of inflows.

In its latest Digital Asset Fund Flows report, CoinShares says that year-to-date inflows for crypto investment products have also reached a new record mark.

“Digital asset investment products saw record weekly inflows totaling US$2.9bn, beating the prior week’s all-time record of US$2.7bn. This week’s inflows have pushed year-to-date inflows to US$13.2bn, smashing the full 2021 inflows of US$10.6bn…

During the week global ETPs broke the US$100bn mark for the first time, although the price correction at the end of the week saw it settle at US$97bn.”

While the US and other regions saw inflows of over $2.95 billion, Canada, Germany, Sweden and Switzerland saw outflows of $78 million last week.

Bloomberg ETF expert Eric Balchunas said on Monday that an outflow of capital from non-US ETFs could be because of the substantially lower fees on the American products.

“Europe and Canada bitcoin ETFs seeing outflows despite – or rather because of – the launch of US spot ETFs which are multiples cheaper and more liquid. Biz as usual for US ETFs which in general steal flow for all over the place, the upshot of living in Terrordome. Hell for issuers, heaven for investors.”

Coinshares says that per usual, Bitcoin (BTC) products enjoyed the lion’s share of inflows at $2.86 billion.

“[BTC inflows] now comprise 97% of all inflows year-to-date. While, short bitcoin saw its largest inflows in a year totaling US$26m, its 5th consecutive week.”

Ethereum (ETH), Solana (SOL) and Polygon (MATIC) suffered outflows of $14 million, $2.7 million and $6.8 million respectively.

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