Institutional investors appear to have dumped nearly $100 million worth of bitcoin exposure over the past week, while the number of ethereum investment products has spiked.
CoinShares’ Weekly Digital Asset Fund Flows report shows that last week saw the largest outflow of funds from bitcoin products in the history of this report as Elon Musk’s Twitter account once again wreaked havoc on the cryptocurrency market.
The May 17 report noted that $98 million exited bitcoin investment products last week, equivalent to 0.2% of total assets under management, and CoinShares noted, “While small, this is the largest outflow of funds we have ever recorded.”
In a volatile market environment for bitcoin, institutional investors appear to have increased their accumulation of ethereum and other cottage coins, with the report noting that excluding bitcoin, inflows to crypto asset investment products were $48 million.
Ether accounted for more than half of the money flowing into cryptocurrency investment products, at $27 million. inflows into Cardano and Polkadot also increased, at $6 million and $3.3 million, respectively.
CoinShares also noted that May will be the first month in which institutional ethereum products will have more investment volume than bitcoin products. The report states.
“The data suggests that investors have been moving away from bitcoin and towards cryptocurrency investment products.”
Digital asset investment products saw a net outflow of $50 million, the first week of net outflows since October 2020.
The institutional shift to ethereum and cottage coins reflects recent trends in the broader crypto asset ecosystem, with bitcoin’s market dominance falling to a three-year low of about 40 percent as of May 17.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/as-ethereum-fund-trading-volume-soars-institutions-dump-bitcoin/
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