Digital asset manager CoinShares says that institutional demand for Ethereum continues to rise this year as inflows approach $ 1 billion.
According to its new weekly report, financial institutions have raised approximately $ 973 million in ETH since early 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 entries, with last week’s entries totaling $ 11.70 million. This brings year-to-date entries closer to the billion dollar mark. ”
As for Bitcoin, the world’s largest crypto by market capitalization ended a second straight week of institutional exits, according to CoinShares.
“After a few weeks of Bitcoin inflows, we have seen exits for the past two weeks, with exits last week totaling $ 10.40 million. These departures are minimal in relation to the significant departures recorded in May and June of this year. Furthermore, we believe that the timing of some investment products being launched, where investors first gained access to the market, has led to recent rounds of profit making. This is evident in the mixed nature of the inputs and outputs of different providers. “
The firm highlights that BTC’s institutional trading volume is also falling. Coinshares adds that the drop in volume does not necessarily have bearish implications.
“Volumes in Bitcoin fell to just 38% from the annual average to date, totaling $ 3.90 billion per day last week. We do not believe this represents anything sinister in the market as we have seen similar seasonal drops in volumes during the summer months in recent years.
Looking at other crypto assets, Coinshares says that altcoins had a very quiet week.
“Ripple, Polkadot, Multi-asset, Cardano and Stellar had entries, but they were less than $ 0.50 million each.”
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