Institutional managers have a record $ 57 billion worth of cryptocurrencies, according to CoinShares

Inflows into cryptocurrency investment products surpassed $ 57 billion last week, marking a new all-time high and underscoring the rapid adoption of digital assets underway among institutions.

In its weekly inflows report, digital asset manager CoinShares said that net inflows in digital asset investment products increased by $ 99 million during the week ending March 19. Flows to CoinShares decreased by $ 25.9 million from the prior week. Flows for the year to date have decreased by $ 93 million.

Grayscale is by far the largest digital asset manager in the world, with $ 44.2 billion in assets under management as of March 22.

With the exception of Ripple, all of the major assets tracked by CoinShares posted weekly inflows, with $ 85.3 million flowing into Bitcoin (BTC). Interestingly, Bitcoin investment product trading volumes moderated to $ 713 million per day last week, down from the average of $ 1.1 billion so far this year.

Inflows to Ethereum (ETH) products increased by $ 7.8 million. Multi-asset funds generated $ 4.2 million.

The CoinShares report highlighted a regional split in institutional demand, with the United States seeing a decrease in appetite while Europe and Canada reported gains. Canada has become a hotbed for Bitcoin exchange-traded funds, and the Purpose Bitcoin ETF recorded a volume of $ 100 million shortly after its launch in February. The fund is expected to outperform all other Canadian ETFs within two months.

Institutions have become a major driving force in the cryptocurrency bull market, possibly setting the stage for a longer rally than the retail-fueled euphoria of 2017. Bitcoin’s price topped $ 61,000 last week, with a prominent BTC miner forecasting a cap in the $ 150,000 to $ 300,000 range.