CoinShares, a digital assets manager, reports that institutional investors invested hundreds of millions into crypto investment vehicles last week, despite the broad market sell-off. In its latest Digital Asset Fund Flows report, CoinShares states that institutional crypto investment products saw net inflows of $308 million last week.

“Digital asset investment products continued to experience inflows last week, totaling $308 million, despite the largest single-day outflow occurring on December 19th, which amounted to $576 million. The total outflows over the last two days of the week reached $1 billion,” CoinShares explains.

Source: CoinShares

According to CoinShares, the hawkish Federal Open Market Committee (FOMC) release last week led to a $17.7 billion loss in assets under management (AuM) by crypto exchange-traded products (ETPs).

“While these outflows may sound alarming, they represent just 0.37% of total AuM, ranking as the 13th largest single-day outflow on record. The largest single-day outflow occurred in mid-2022, when the FOMC’s interest rate hike triggered $540 million in outflows, which accounted for 2.3% of AuM.”

Bitcoin (BTC), as usual, led the way with $375 million in inflows. Ethereum (ETH) and XRP products saw $51.3 million and $8.8 million in inflows, respectively, while multi-asset investment products, which invest in a basket of cryptocurrencies rather than just one, saw a significant increase in outflows.

“The most dramatic flows came from multi-asset investment products, which saw $121 million in outflows last week.”

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