Institutional investors quit Bitcoin and turn to Ether!

CoinShares’ in Weekly Digital Asset Fund Flow The report revealed that record capital was withdrawn from Bitcoin investment products last week, as Elon Musk re-stirred the crypto market.

According to the report dated May 17, $ 98 million was withdrawn from Bitcoin investment products last week. This amount is 0.2 percent of total assets managed. CoinShares explained, “Even though the amount seems small, it’s the biggest outflow we’ve ever recorded.”

As market conditions for Bitcoin were mixed, institutional investors began to increase their savings of Ether and other altcoins. According to the report, $ 48 million was transferred to crypto asset investment products, excluding Bitcoin.

Ethereum took the bulk of the funds transferred with $ 27 million. $ 6 million and $ 3.3 million were transferred to Cardano and Polkadot products, respectively.

CoinShares also stated in May that the investment volume of corporate Ether products surpassed Bitcoin products for the first time. The report stated:

“The data indicate that investors are starting to diversify and are turning to altcoin investment products.”

Digital asset investment products saw a net exit of $ 50 million, losing capital for the first time since October 2020.

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