It’s been just revealed that the digital asset manager CoinShares said that inflows into the Ethereum products managed to outpace inflows into BTC for the very first time.
Just last week before the crypto market began to fall, ETH investment products have seen massive institutional investment inflows and BTC products have seen huge outflows, says the digital asset manager CoinShares, as reported by the online publication the Daily Hodl.
“CoinShares notes in its weekly report that Bitcoin investment products last week recorded a whopping $98 million in outflows, the largest on record. While that figure only represents 0.2% of their total assets under management, the quantity far exceeded the second highest weekly outflow total of $19 million in May 2019,” the Daily Hodl notes.
The same online publication reveals that Ethereum, by contrast, saw $27 million worth of inflows last week.
“Ethereum trading volumes in digital asset investment products last week also totaled $4.1 billion, compared to Bitcoin’s $3.1 billion, the first time there has been higher investment product trading volumes in ETH than in BTC at the firm.”
Altcoin investment products overall totaled $48 million in inflows, implying “that investors have been diversifying out of Bitcoin and into altcoin investment products,” according to CoinShares.
Ethereum in the news
Besides hitting new ATHs on a weekly basis, Ethereum is shining these days thanks to Vitalik Buterin as well.
As you probably know by now, the co-founder of the project recently became the world’ youngest known crypto billionaire. He’s now in the spotlight thanks to the fact that he just donated more than $1 billion in crypto to the India Covid Relief Fund and a range of other charities.
“In a single transaction, Buterin donated 50 trillion SHIB tokens worth $1.2 billion as of May 12, 16:37 pm E.T. to the India Covid Relief Fund set up by Indian tech entrepreneur Sandeep Nailwal,” according to Forbes.