Institutional investment managers bought Ethereum (ETH) for $ 30.2 million last week, bringing their total holdings to a record $ 13.9 billion, according to CoinShares.
Entries in Ethereum products appear to be increasing as investors pay more attention and resources to the smart contract platform. Monthly inflows for ETH products were $ 170 million, bringing the total annual amount to $ 824 million. The managers now have a combined ETH worth of $ 13.9 billion.
The weekly inflow report showed strong growth in most digital assets, with the exception of Bitcoin Cash (BCH), which saw inflows decline by $ 1.7 million. Weekly inflows across all assets hit $ 489 million, with Bitcoin (BTC) being the largest at $ 441.7 million.
Total cryptocurrency assets under management now stand at $ 64.7 billion, up from around $ 7 billion over the past six weeks.
“High inflows mask mixed inflows between vendors with many outflows in Europe, while their North American counterparts saw strong inflows,” explained CoinShares. In particular, weekly inflows for Grayscale declined, declined $ 46 million for CoinShares, and rose $ 554.1 million for 3iQ, which manages Canada’s first publicly traded bitcoin fund.
According to Coingecko, Ethereum has taken cryptocurrencies to a new level this week, reaching a market cap of all assets of $ 2.398 billion. That number tops the previous April 16 high of $ 2,343 million.
The price of ETH has risen remarkably over the past week, hitting a new record above $ 3,500. The second largest cryptocurrency appears to be holding up well given the recent correction that saw Bitcoin drop 6% and the broader market shedding around $ 150 billion from its recent high.