According to digital asset management company CoinShares, Algorand-based institutional investment products experienced record inflows of $20 million in the previous week. According to Chinese cryptojournalist Colin Wu, this may be due to the relatively recent launch of the Algorand blockchain.
Last week, digital asset investment inflows totaled $87 million, bringing the total since the beginning of the year above the half-billion dollar mark, rising to $0.52 billion, of which Algorand accounted for a record $20 million, likely due to new product launches.
Most of the funds, namely $69 million, went into bitcoin, bringing the total amount invested in BTC up to $369 million since the beginning of the year, although total assets under management are at their lowest level since July 2021.
Last week, bitcoin short positions showed inflows of $1.8 million, indicating that the market has yet to fully shake off its bearish sentiment.
Ethereum continued its downward trend last week with a total outflow of $11.6 million, bringing the net outflow since the beginning of the year to $250 million, in stark contrast to the positive performance of other cryptocurrencies. For example, Solana and Tron received $1.8 million and $0.4 million each.
Speaking of new projects, the Nigerian government recently signed an exclusive IP (intellectual property rights) agreement with the Developing Africa Group to create a national wallet that would allow international commercialization of all forms of IP created and registered in the country, both locally and internationally.
The Developing Africa team chose Koibanx as the country’s tokenization and payment mechanism and Algorand’s blockchain as the underlying protocol.
The Algorand team, in turn, invested in FlexID to develop Self-Sovereign Identity technology.