Digital asset manager CoinShares says institutional demand for Ethereum continues to rise this year with inflows near the $1 billion mark.
According to its new weekly report, financial institutions have raised nearly $973 million in ETH since the beginning of 2021.
CoinShares also notes that Ethereum has seen net inflows for the third week in a row, this time totaling more than $11 million.
Ethereum saw its third consecutive week of inflows, with total inflows last week of $11.70 million. This brings year-to-date inflows close to the $1 billion mark.”
As for Bitcoin, the world’s largest cryptocurrency by market capitalization ended its second straight week of institutional outflows, according to CoinShares.
“After a few weeks of inflows into Bitcoin, we have seen outflows over the past two weeks, with outflows totaling $10.40 million last week. These outflows are negligible compared to the large outflows seen in May and June of this year. The launch of some investment products, where investors gained access to the market for the first time, has led to recent rounds of profit taking. This is evident in the mixed nature of inflows and outflows across the various service providers.”
The company highlights that institutional trading volume for BTC is also declining. Coinshares adds that a decrease in volume does not necessarily come with downside repercussions.
“Bitcoin trading volumes are down just 38% from their year-to-date average, totaling $3.90 billion per day last week. We don’t think this is anything ominous in the market as we have seen similar seasonal declines in volumes during the summer months in recent years.
Looking at other crypto assets, Coinshares says that altcoins have had a very quiet week.
“Ripple, Polkadot, Multi-Asset, Cardano, and Stellar were all inflows but were less than $0.50 million each.”
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