CoinShares has divulged that investment inflows into institutional crypto funds were on the rise for the previous week; the vast majority of it was Ethereum.
According to the CoinShares report, there was a $245 million crypto inflow last week. Out of it, $195 million (or 80%) were invested into Ether products just ahead of the release of the Chicago Mercantile Exchange Ethereum futures contracts that took place yesterday.
By comparison, Bitcoin registered $41.9 million of the weekly flows. Its year-to-date total results in $2.02 billion. The report indicates that investor diversification began and mentioned that there was very little evidence of taking profits as it looks like investors prefer to buy and become hodlers.
As of now, the total inflow into digital asset investment products for this year has reached $2.6 billion. This represents 39% of the total $6.7 billion in institutional capital that was invested into crypto funds across six weeks of 2020.
The report also mentions that investment product trading volumes remain high, with an average of $670 million per day for the previous week. This represents 5.4% of the total Bitcoin trading volumes.
Grayscale continues to be the largest institutional crypto asset fund as it has $33.4 billion in assets under management (AUM).
The Ethereum Trust of Grayscale continues to grow when it comes to the total share of the AUM figure and now has peaked at $5 billion or 15%. The Bitcoin Trust continues to dominate with 82% of the total.
The second-largest institutional fund by weekly inflows is 21Shares with close to $21 million. The top three is completed by WisdomTree, which has $11.5 million.
Many believed that after the release of CME’s Ether futures, a huge crash would follow, similar to the dip recorded after the release of Bitcoin futures in December of 2017. Instead, Ethereum started to rally after the release of the contrast and reached a new ATH of $1,780.
Source: cointelegraph.com