• bitcoinBitcoin$24,482.001.45%
  • ethereumEthereum$1,988.993.24%
  • ElrondElrond$65.31-0.18%

More Ethereum Than Bitcoin Was Bought by Institutional Investors Last Month

According to CoinShares, Bitcoin registered its largest recorded outflow the previous week. The digital asset manager confirmed that BTC investment products registered $98 million in outflows:

“The outflows were solely from Bitcoin investment products which totaled $98 million or 0.2% of total assets under management. While small, this marks the largest outflow we have recorded, with the second-largest at $19 million in May 2019.”

At the same time, Ethereum actually went through a period of increased investment inflows. While bitcoin registered $3.1 billion worth of inflows, the Ethereum trading volumes in digital asset investment products reached $4.1 billion.

Altcoin investment products, generally, have reached $48 million in inflows, which implies “that investors have been diversifying out of BTC and into altcoin investment products,” revealed CoinShares.

Ethereum registered $27 million worth of inflows the previous week, while Cardano (ADA) registered $6 million, with Polkadot (DOT) reaching $3.3 million.

After BTC had reached a new ATH of $65,000 in mid-April, its price began to fall, with investors choosing to diversify their crypto assets with cryptos like ETH.

Still, despite crypto-asset investment products registering an important outflow of $50 million, the largest one since exactly a year ago, it is not very likely that these numbers would have any impact on people’s and companies’ attitude towards digital assets:

“Historical data implies that outflows of this nature have not marked pivotal points in sentiment change for digital assets,” concluded CoinShares.

Source: Cryptoslate.com

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