A leading digital asset manager says institutional investors are hoarding Ethereum (ETH) as crypto sentiment improves across the board.
In its latest weekly digital asset fund flows report, Coinshares says institutional investors are favoring ETH as crypto markets suffer their first week of outflows in five weeks.
“Digital asset investment products saw smaller outflows totaling US$6.5 million, following four previous weeks of inflows totaling US$742 million. Trading volumes last week were below the weekly average for the year at US$1.2 billion compared to US$2.4 billion the previous week.”
According to Coinshares, most of the negative sentiment came from North American investors.
“Minor negative sentiment was mainly focused on the North American market, with 99% of departures (21 million USD). This was offset by inflows of US$12 million in Switzerland and US$1.9 million in Germany.
Both Bitcoin (BTC) investment products and BTC shorts saw outflows last week.
“Bitcoin was the main focus (of investor outflows), as has been the case recently, seeing outflows of $13 million, while bitcoin short investment products saw outflows for 13 consecutive weeks totaling $5.5 million.”
Multi-asset investment products and Litecoin (LTC) also saw outflows of $0.4 million and $0.3 million, respectively.
Meanwhile, ETH products lead the rest with $6.6 million in inflows. XRP commodities saw inflows of $2.6 million, while Solana (SOL), Uniswap (UNI), and Polygon (MATIC) saw inflows of $1.1 million, $0.7 million, and $0.7 million, respectively.
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