The new favorite of institutional investors , 63% of institutional funds were flowing into Ether at the end of May

The crypto market saw $74 million in institutional inflows over the past week, with more than 63% of institutional money flowing into ETH, totaling $46.8 million.

The new favorite of institutional investors , 63% of institutional funds were flowing into Ether at the end of May

According to CoinShares, the crypto market saw $74 million in institutional inflows over the past week, with more than 63% of institutional funds flowing into ETH for a total of $46.8 million. ADA ($5.2 million), XRP ($4.5 million) and DOT ($3.8 million) also saw significant inflows, while BTC saw outflows of around $4 million.

Institutional investors seem increasingly unconvinced of bitcoin’s ability to rise to new heights. The cryptocurrency crash in May dealt a devastating blow to their assets. In recent weeks, many investors have tended to take to pulling money out of bitcoin, although that trend is gradually slowing down. However, in the previous week, inflows into bitcoin remained negative (minus $4 million).

According to CoinShares’ weekly report on digital asset fund flows, bitcoin inflows were negative $110.9 million seven days ago, compared to $246 million over the past three weeks. Bitcoin is indeed well on its way to being abandoned by investors.

However, ethereum, which has also experienced a plunge, has taken a completely different route, and it continues to win the favor of institutional investors. A total of $74 million flowed into the crypto market last week. And Ether took the lion’s share of this fresh blood (63%). That’s a total of $46.8 million.

Ether has a record 27% share of the entire crypto market. Other cryptocurrencies are benefiting from the crisis of confidence in Bitcoin, and CoinShares also reported significant flows into other non-bitcoin currencies ($11.1 million). Specifically, $5.2 million flowed into Cardano. XRP saw $4.5 million in inflows and Polkadot saw $3.8 million in inflows.

For Bitcoin, even the long-term indicators are still not promising. Looking at the monthly data, bitcoin products saw positive inflows of $47.9 million, though. But that’s just a third of what Ether has seen ($147.7 million). Just looking at the full year, Bitcoin also maintains a very clear lead at about $4.4 billion. That compares to $973 million for ethereum. In terms of daily trading volume, ethereum has overtaken bitcoin ( $32.9 billion ) by an overwhelming margin of $38.8 billion.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-new-favorite-of-institutional-investors-63-of-institutional-funds-were-flowing-into-ether-at-the-end-of-may/
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