Institutional Investment Boom
Last week was a strong one for Ethereum enthusiasts, as institutional investment managers splurged a staggering $30.2 million on ETH. This latest bump has escalated their total holdings to an impressive $13.9 billion! Talk about a crypto power move!
Ramping Up Interest
With month-to-date inflows into Ethereum products reaching a cool $170 million, investors seem to be increasingly enamored with this smart-contract platform. To put things into perspective, the yearly total has now hit $824 million. Ethereum isn’t just surviving the crypto storms – it’s thriving!
Inflows Overview
The weekly inflow reports tell a mixed bag of stories for digital assets. On the bright side, weekly inflows climbed to $489 million, largely driven by Bitcoin’s dominance, which snagged $441.7 million. However, not all are celebrating; Bitcoin Cash (BCH) took a hit with outflows down $1.7 million. It’s like attending a party and realizing you’re only there for the snacks!
Exploring the Trends
While the overall assets under management have reached a total of $64.7 billion – a $7 billion increase in six weeks – the inflow trends are less than homogenous. According to CoinShares, there’s a bifurcation happening. North American managers are seeing significant inflows, while their European counterparts are struggling with outflows. It’s like the ultimate regional rivalry!
Provider Performance
Not all investment management providers are basking in these inflows. Interestingly, Grayscale experienced stagnant inflows, and CoinShares faced a decline of $46 million. On the flip side, 3iQ saw inflows spike by a whopping $554.1 million, riding high as the managers of Canada’s inaugural Bitcoin exchange-traded fund. Talk about a rollercoaster!
Market Cap Milestones
Ethereum’s stellar performance has propelled the entire crypto market capitalization to new heights! Currently, it’s at $2.398 trillion, which smashes the previous peak of $2.343 trillion from April 16. Ethereum’s growth is like that friend who suddenly discovers they can cook gourmet meals!
Price Movements
In congruence with its monumental rise, ETH has reached an all-time high above $3,500 in the past week. While Bitcoin experienced a correction—falling 6% and dragging the overall market down by $150 billion—Ethereum has held the fort strongly. It’s almost like Ethereum is saying, ‘Hold my beer!’ while Bitcoin takes a breather.
