Institutional investment products based on Algorand saw a record inflow of $20 million. This is due to the collaboration of the altcoin project with the government and large corporations.
Altcoin Project Sees Record Weekly Fund Inflows
According to digital asset management firm CoinShares, Algorand-based institutional investment products saw a record $20 million in inflows the previous week. According to Chinese crypto-journalist Colin Wu, this could be related to recent Algorand Blockchain launches.
Inflows of digital asset investment products totaled $87 million last week, bringing year-to-date inflows to $0.52 billion. Bitcoin received an inflow of $69 million, bringing the year-to-date total to $369 million, even though total assets under management were at their lowest since July 2021 due to weak prices . Last week, Bitcoin saw an entry of $1.8 million, which indicates that the market has not completely changed its bearish tones.