Institutional cryptocurrency funds attracted record inflows in 2022, equally demand for digital avails such as Bitcoin (BTC) and Ether (ETH) continued to abound during a volatile and oft unpredictable bull market.

Crypto investment products registered $ix.three billion in inflows during the year, up from $6.8 billion in 2022, according to the latest CoinShares data, which was released on Tuesday. Bitcoin funds attracted $6.three billion worth of majuscule last year, while Ether products saw inflows totaling nearly $1.four billion. Multi-asset funds were also popular, alluring $775 million in investor capital.

A total of 37 investment products launched in 2022, compared with 24 that hit the market the yr before. Notably, crypto assets that were included in investment products expanded to 15 from nine the previous year.

Grayscale remains the single largest crypto nugget manager with $43.5 billion in assets nether direction as of Monday. Other multi-billion-dollar asset managers included 3iQ, 21Shares, ETC Grouping, Purpose and ProShares.

Despite massive volatility, cryptocurrencies enjoyed broader mainstream recognition in 2022, with both retail and institutional investors participating in the market. 2022 was the yr that crypto became a multi-trillion-dollar asset class, putting information technology on the radar of fund managers and family offices. Along the style, a slew of BTC exchange-traded products hit the market, including the Purpose Bitcoin ETF in Canada, which offered N American investors spot exposure to the leading digital asset.

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Regulators in the United States would likewise corroborate several futures-linked Bitcoin ETFs in 2022, opening the door to broader institutional adoption. The Securities and Substitution Commission is expected to deliver its verdict on a pair of physically-backed Bitcoin funds from NYSE Arca and Grayscale in early February.