The institutional demand for Ethereum continues to grow and Ether products now make up more than a quarter of the assets under management (AUM) of cryptocurrency investment products.
According to CoinShares’ weekly Digital Asset Funds Flow Report as of June 1st Significant institutional inflows of $ 74 million came last week as investors tried to take advantage of the crypto market crash that saw many crypto assets lose more than 50% of their value.
More than 63% of institutional inflows went into ether products, that’s $ 46.8 million of the total. Ether products currently make up 27% of the combined AUM of cryptocurrency investment products, the highest proportion to date.
There have also been significant additions to products that offer exposure to multiple crypto assets. ($ 11.1 million) and funds raised to Cardano ($ 5.2 million), XRP ($ 4.5 million), and Polkadot ($ 3.8 million).
Bitcoin product exits have slowed down: About $ 4 million in capital left the markets, up from $ 110.9 million last week. In the past three weeks, $ 246 million came from BTC investment products.
While Bitcoin’s 30-day inflows of $ 47.9 million are currently roughly a third of Ether’s $ 147.7 million, Bitcoin continues to dominate inflows this year with nearly $ 4.4 billion, up from $ 973 million for ether..
However, Ether’s recent foray has sparked further speculation about whether Ethereum is preparing to overtake Bitcoin, as Ethereum currently outperforms the largest cryptocurrency in terms of number of transactions, volume and commissions, as well as volume of operations.
According to CoinGecko, Ether is currently the second most traded crypto asset – it has a daily volume of $ 38.8 billion, just behind Tether’s $ 103 billion. About $ 32.9 of BTC has changed hands in the past 24 hours.