It’s been revealed that institutional investors are piling up on Ethereum these days, according to the latest reports. Check out the new data below.
Institutional investors are buying Ethereum like crazy
It’s been just revealed that the leading digital assets manager CoinShares says Ethereum (ETH) institutional investment products just had their biggest week in over a year.
According to the latest Digital Asset Fund Flows Weekly report, late trade reporting added $120 million to the previous week to ETH’s weekly inflows of $8 million.
It’s also important to mention the fact that this makes it the largest on record since June of 2021.
“Ethereum saw inflows totaling $8 million, while the corrected prior week data saw inflows totaling $120 million.”
The same notes continued and revealed the following:
“These inflows mark the largest single week of inflows since June 2021 and imply a turning point in sentiment after a recent 11-week run of outflows. It also suggests that as The Merge progresses to completion, investor confidence is slowly recovering.”
As the online publication the Daily Hodl notes, the late reporting of the previous week’s trades also raised digital asset investment products from $12 million in inflows to $343 million.
“Digital asset investment products saw inflows totaling $30 million last week, while late reporting of trades from the prior week saw inflows corrected from $12 million to $343 million, marking the largest single week of inflows since November 2021.”
Regarding the price of ETH today, at the moment of writing this article, ETH is trading in the red, and the coin is priced at $1,485.
New reports involving Ethereum are out
Popular trader Michaël van de Poppe said on Twitter that Chainlink (LINK) could explode from current prices nearing $7 to upwards of $10.
“Chainlink looks ready for $9.50-10.00, and there’s not much you can do about that. Trigger if flip happens.”
Diving deeper into ETH, the crypto analyst says he would be looking for shorts on the leading smart contract platform at current prices, though he sees strength in the upcoming Merge.