Institutional investors said Ethereum!

Crypto asset management firm CoinShares reported that money inflows to institutional cryptocurrency funds have increased last week, with the majority of this happening to Ethereum.

According to the report, $ 245 million was transferred to these funds last week, and 80 percent of the amount, or $ 195 million, was invested in Ether products before CME Ethereum futures were launched on February 8.

In the same period, 41.9 million dollars were transferred to Bitcoin. The amount transferred to Bitcoin this year was $ 2.02 billion. The report revealed that investors began to diversify their investments and preferred to save rather than take profit.

“We believe investors want to diversify and are increasingly confident in Ethereum fundamentals. The amount transferred to Bitcoin saw the lowest level ($ 42 million) since the week ending January 8, 2021, when the record was seen.

In 2021, the amount transferred to digital asset investment products has been $ 2.6 billion so far. In the first six weeks of 2020, $ 6.7 billion was invested in crypto funds.

In the report, it was stated that the transaction volume of investment products remained high and the daily average was 670 million dollars. This number represents 5.4 percent of the total Bitcoin transaction volume.

Grayscale remains the largest institutional crypto-asset fund, with assets under management worth $ 33.4 billion as of February 8.

The Grayscale Ethereum Trust continues to grow in terms of share in managed assets. Over $ 5 billion, the Ethereum Trust accounts for more than 15 percent of assets under management. Bitcoin Trust includes 82 percent of the total investments.

In terms of weekly entry, 21Shares is in second place with almost $ 21 million and WisdomTree is in third place with $ 11.5 million.

Check Also

Ethereum mining with Norton360 antivirus software

Cybersecurity firm NortonLifeLock has announced a tool called Norton Crypto, which allows users to “safely” …

Leave a Reply

Your email address will not be published. Required fields are marked *