Institutional investors are dumping BTC in favor of ETH. Ether products are now more than one-quarter of the assets under management (AUM) of crypto investment products.
According to CoinShares, digital assets price weakness prompted investors. Further, this enables them to add a position with net inflow investment products of $74 million last week.
Based on the CoinShares digital asset fund flows weekly report, Ethereum achieved its highest market share last week. It peaked at nearly 27% of all investment products.
Also, the report shows that investors seek to capitalize on the sell-off from the recent crash. More so, this crash made many cryptos lose more than 50% of their value.
Furthermore, institutions added more than 63% of inflows into Ether products—specifically $46.8 million of the total. Hence, Ether products hit 27% of the combined AUM for crypto investment products.
However, the outflows from Bitcoin products have decreased. Besides, it slowed to about $4 million in capital exiting the markets. Moreover, there was a drop from last week’s $110.9 million in outflows. In addition, over the past three weeks, $246 million has left BTC investment products.
Despite Bitcoin’s last 30 days inflows of $47.9 million to about one-third of Ether’s $147.7 million, Bitcoin still remains positive with nearly $4.4 billion compared to Ether’s $973 million.
Moreover, CoinShares investment product flows data show that altcoins remain popular, with inflows into altcoin investment products. The report also indicates that PoS coins remain the most popular, with inflows into ADA, DOT, and XRP of $ 5.2m, $3.8m, and $4.5m, respectively.
Last week, Lark Davis said that Ethereum could crash Bitcoin. Further, he said that ETH has the potential to surge over 550% from its current price.
This article was first published on coinquora.com
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Source: Cryptocurrency - investing.com
