Institutional financial backers seem to have offloaded almost $100 million worth of Bitcoin exposure this previous week while Ether investment product volumes increased.
CoinShares’ week-by-week Digital Asset Fund Flows report has revealed a week ago saw the biggest Bitcoin in the report’s history as Elon Musk’s Twitter account again unleashed devastation in the crypto markets.
The May 17 report notes $98 million left Bitcoin investment a week ago, likening to 0.2% of all-out resources under administration, or AUM. “While little, this denotes the biggest surge we have recorded,” CoinShares noted.
In the midst of the wild economic situations for Bitcoin, institutional financial backers seem to have sloped up their amassing of Ether and other elective cryptocurrencies, with the report recognizing inflows to crypto resource venture results of $48 million while barring Bitcoin.
Ethereum addressed the greater part of streams to altcoin speculation items with $27 million. Cardano and Polkadot likewise saw expanded inflows of $6 million and $3.3 million respectively.
CoinShares also notes that May is shaping up to be the first month in which investment volume for institutional Ether products has outpaced that of Bitcoin products. The report stated:
“The data impl[ies] that investors have been diversifying out of Bitcoin and into altcoin investment products.”
Digital asset investment products saw a net outflow of $50 million, marking the first week to post a net outflow since October 2020.
The institutional pivot towards Ether and altcoins reflects recent trends in the broader crypto-asset ecosystem, with Bitcoin market dominance sinking to a three-year low of roughly 40% as of May 17.
