Institutions Pumping Millions Into Ethereum and Other Altcoins: CoinShares
Digital assets manager CoinShares says investors are pouring millions of dollars into Ethereum (ETH), XRP, Cardano (ADA) and other crypto assets.
In a weekly report from June 7th, CoinShares breaks down where investor money is flowing, showing that Ethereum (ETH) is the altcoin of choice for buyers, capturing inflows of $33 million.
“Digital asset investment products saw outflows totaling $94 million last week. Despite the net outflows, we believe it implies an early turn in sentiment since May, where most product providers were seeing net outflows and sentiment was broadly negative.
Ethereum continues to see inflows into investment products totaling $33 million, remaining the altcoin of choice for investors.”
Aside from Ethereum, XRP, Cardano and multi-asset products are the most popular investments, attracting inflows of $7 million, $4.5 million and $2.7 million, respectively.
The report also shows that heavy negative sentiment is focused on Bitcoin as it saw outflows of $141 million, the largest single week of outflows on record. Data indicates that investors remain cautious after Bitcoin’s recent collapse from its all-time high of $63,500 down to $30,000.
“Digital asset investment product trading volumes highlight investors remain cautious in Bitcoin with weekly volumes having fallen 62% compared to last month. This has also been reflected in the broader Bitcoin ecosystem where volumes on trusted exchanges have fallen 50%.”
Bitcoin remains the largest CoinShares holding with over $30 billion in assets under management, followed by Ethereum with $12.32 billion.
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Author: Daily Hodl Staff