Bitcoin still saw the largest inflows of $108 million, with ethereum snagging $65 million. But investors poured money into other digital tokens, including bitcoin cash, Polkadot, Binance, and Tezos, Coinshares data showed.
Inflows last week were more spread out to include other digital assets outside of bitcoin and ethereum. Crypto assets under management (AUM) have also surged to a peak of $64.2 billion, the data showed. In the first quarter, the sector’s AUM was $59 billion. Last year, assets under management for the sector hit $37.6 billion.
Bitcoin’s rise also slowed in the first two weeks of the month, growing just 5.7%, although it hit a record just under $65,000 during that period. After touching that all-time peak last week, bitcoin has plunged nearly 18% in six days. Bitcoin last traded up 0.8% at $56,161.
That said, inflows in the second week of April totaled $233 million, the largest since early March, Coinshares said.
“There were … signs of excessive exuberance in the market, and a correction looked imminent,” said Pankaj Balani, chief executive officer of Delta Exchange, a crypto derivatives trading platform.
The pace of inflows had already moderated in the first quarter, after a 240% surge in the fourth.
XRP has been the most popular digital asset in recent weeks with weekly inflows of $33 million, nearly doubling its assets under management to $83 million.
Grayscale is still the largest digital currency manager, with $49.5 billion in assets as of the second week of April, while CoinShares, the second biggest and the largest European digital asset manager, oversees about $5.7 billion in assets.
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