CoinShares’ Weekly Digital Asset Fund Flow Report revealed that the last week saw the largest amount of Bitcoin in reported history as Elon Musk’s Twitter account once again wreaked havoc on the market. electronic money.
A May 17 report noted that Bitcoin investment products exited $98 million last week, or 0.2% of total assets under management, or AUM. “While this is a small number, it marks the largest outflow we have seen,” notes CoinShares.
During the turbulent Bitcoin market, institutional investors appear to have ramped up their accumulation of Ethereum and other altcoins, with the report pinpointing an outflow into crypto asset investment products of 48 million. USD when excluding Bitcoin.
More than half of the flow to altcoin investment products, equivalent to $27 million, goes to the Ethereum market. Cardano and Polkadot also saw increased inflows of $6 million and $3.3 million, respectively.
CoinShares also noted that May is shaping up to be the first month that institutional investment volume for Ethereum products has surpassed that of Bitcoin products. The report states:
The data shows that investors have diversified into Bitcoin and moved into altcoin investment products.
Digital asset investment products saw a net inflow of $50 million, marking the first week of net outflows since October 2020.
The pivot by institutional investors towards Ethereum and altcoins reflects recent trends in the broader crypto-asset ecosystem, with Bitcoin (Bitcoin Dominance) market dominance having dropped to lows. the lowest in three years, at around 40% on May 17.
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