There are new reports about institutional investors these days regarding Ethereum. Check out the latest news below.
Institutional investors and Ethereum
Ethereum (ETH) sees a change in sentiment as the second largest crypto asset’s transition to a proof of stake (PoS) consensus mechanism approaches, according to digital asset manager CoinShares.
According to the latest reports, in its latest Digital Asset Fund Flows Weekly report, CoinShares finds that Ethereum is now in its ninth consecutive week of inflows.
This was after suffering outflows of nearly half a billion dollars from the start of the year to mid-June.
Ethereum saw weekly inflows totaling US$3m and has seen a turn-around in sentiment.
According to official data, at the mid-point in June, Ethereum investment products had seen year-to-date outflows totaling US$459m.
“Since this point, as there has been improving clarity on the Merge, Ethereum has seen a 9-week run of inflows totaling US$162m.”
Overall, digital assets investment market products recorded weekly outflows of $9 million.
“Digital asset investment products saw minor outflows last week totaling US$9m last week with volumes at US$1bn, 55% off the year average and the 2nd lowest this year, suggesting low participation from investors at present. The summer doldrums persist for now.”
CoinShares notes that Bitcoin (BTC) witnessed weekly outflows of over $15 million, the third week in a row that the king coin was experiencing negative flows.
“Bitcoin, where the mild negative sentiment has been focused, saw a third consecutive week of outflows totaling US$15m. Short-bitcoin saw very minor inflows totaling US$0.2m over the same period.”
Bullish outlook on Ethereum
Former Goldman Sachs executive Raoul Pal said that he’s very bullish on Ethereum (ETH) and the crypto markets. This is happening despite the uncertain price action unfolding in recent months.
In a new interview with crypto analyst Scott Melker, Pal explained the fact that crypto hedge funds who took big losses during the recent market turmoil are underweight ETH as The Merge – Ethereum’s transition to a proof-of-stake consensus mechanism – approaches.