Institutional Investors Are Accumulating a Top Ethereum Rival and Stockpiling Bitcoin, According to Crypto Asset Firm CoinShares
A leading crypto asset manager says institutional investors bought Bitcoin’s (BTC) low last week, giving digital investment products their first week of inflows since early April.
In the latest edition of their weekly Digital Asset Fund Flows Weekly Report, CoinShares finds institutions invested $45 million in BTC products despite the market crash.
“Bitcoin saw inflows totaling $45 million, the primary digital asset where investors expressed more positive sentiment, although…
Short Bitcoin saw the second-largest weekly inflows on record, totaling $4 million. AUM [assets under management] is now at a record high of $45 million.”
Overall, North American investment products saw far more activity than European products.
“Flows were lopsided with inflows of $66 million in North American investment products while Europe saw outflows totaling $26 million.”
Ethereum (ETH) rival Solana (SOL) had the most notable inflows of any altcoins last week, totaling $1.9 million. Multi-asset investment products, those investing in multiple digital assets, enjoyed $1.7 million in inflows, while XRP and Cardano (ADA)-focused investment products enjoyed $0.2 million of inflows each.
Ethereum-focused products continued to struggle last week, bringing ETH’s total year outflows to over $200 million.
“Negative Ethereum sentiment continues however, with outflows totaling $12.5 million last week, bringing total outflows year-to-date to $207 million.”
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