Source: dailyhodl.com
A leading digital assets manager says that institutional investors are stacking up Ethereum (ETH) as crypto sentiment improves across the board.
In their latest Digital Asset Fund Flows weekly report, Coinshares says that institutional investors are favoring ETH as the crypto markets suffer their first week of outflows in the last five weeks.
“Digital asset investment products saw minor outflows totaling US$6.5m, following four prior weeks of inflows that totaled US$742m. Trading volumes last week were below the year weekly average at US$1.2bn compared to US$2.4bn the prior week.”
According to Coinshares, most of the negative sentiment came from North American investors.
“The minor negative sentiment was primarily focussed on the North American market, seeing 99% of (US$21m) outflows. This was offset by US$12m inflows into Switzerland and US$1.9m into Germany.”
Both Bitcoin (BTC) and short-BTC investment products saw outflows last week.
“Bitcoin was the primary focus (of investor outflows), as has recently been the case, seeing US$13m of outflows, while short bitcoin investment products saw outflows for the 13th consecutive week totaling US$5.5m.”
Multi-asset investment products and Litecoin (LTC) also suffered outflows of $0.4 million and $0.3 million, respectively.
Meanwhile, ETH products lead the rest with $6.6 million in inflows. XRP products saw $2.6 million of inflows, while Solana (SOL), Uniswap (UNI) and Polygon (MATIC) saw $1.1 million, $0.7 million and $0.7 million of inflows, respectively.
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