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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Institutional crypto managers report record AUM despite U.S. inflows plummeting

Institutional inflows have declined 59% this past week, but AUM is at an all-time high.

According to digital asset investment manager, CoinShares, institutional demand in the U.S. has declined slightly however European funds are still buying.

According to Coinshares’ March 22 Fund Flows Weekly report, combined flows into institutional crypto products totaled $99 million for the week ending March 20.

The data indicates a significant decline in institutional demand, with inflows down 59% from the previous week, which recorded $242 million.

However, the researchers noted that the assets under management figure for the top institutional investment products reached a record high of $57 billion.

The report added that  while demand has declined in the U.S., institutions located in Europe and Canada continued buying last week.

Daily volumes for Bitcoin related products have also declined by around 35% to $713 million per day versus $1.1 billion per day on average for 2021. However, trading volumes remain steady at $11.8 billion per day.

Following strong Ethereum inflows during February, institutions appear to have again set their sights on Bitcoin, with $85 million entering BTC funds compared to just $8 million for ETH-based products last week. CoinShares noted that there was very little interest in Binance Coin, Ripple, and Bitcoin Cash-based products respectively.

Grayscale remains the market leader for institutional investment, with its total assets under management tagging $44.2 billion according to a March 23 tweet from the firm. Of that total, 84% has been invested in the firm’s Bitcoin Trust.

CoinShares’ own fund, which ranks second in terms of AUM with just under $5 billion, was the only institutional crypto manager to record an outflow for the week, losing $25.9 million. The Canadian 3iQ fund ranked third increased by $1.1 million to a total AUM of $1.7 billion.

At the time of writing, Bitcoin is continuing to correct after dropping 3.6% over the past 24 hours to trade at $54,850. Ethereum has lost 4% over the same period and is currently changing hands for roughly $1,700.

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