Ethereum Investment Product’s Market Share Increases to Reach a Record Highs
While Ethereum saw $47 million inflows last week, Bitcoin had yet another week, a hattrick, of outflows. Ether products now have a total of $11.83 billion in AUM compared to Bitcoin’s $30 bln.
Bitcoin struck a hattrick of outflows as the week ending May 31st also recorded another set of outflows focussed on Bitcoin investment products.
However, outflows were minor at just $4 million last week. Over the last three weeks, the total outflows come at $246 million, representing only 0.80% of assets under management (AUM).
Bitcoin (BTC) investment products’ inflows remain positive for this year at $4.4 billion. BTC -1.74% Bitcoin / USD BTCUSD $ 47,774.96
-$831.28-1.74% Volume 26.88 b Change -$831.28 Open $47,774.96 Circulating 18.82 m Market Cap 899.13 b 1 d Stablecoins Come Under Scrutiny As Regulators Rev Up Crypto Clampdown Efforts 1 d Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time 1 d Visa’s Head of Crypto Inquires About Solana (SOL), PayPal Officially Enables Crypto Trading for UK Customers
Investors actually took the opportunity to buy the dips with net inflows into investment products of $74 million last week, following the record outflow for the two consecutive weeks that totaled $151 million, representing 0.34% of assets under management.
And Ethereum received the most of it with its inflows totaling $47 million last week.
This had Ethereum investment product’s market share increasing to reach a record high of 27%, as per CoinShares report.
Altcoins remain particularly popular, especially proof-of-stake coins. Cardano (ADA), Polkadot (DOT), and Ripple (XRP) recorded inflows of $5.2 million, $3.8 million, and $4.5 million respectively. ADA -2.74% Cardano / USD ADAUSD $ 2.35
-$0.06-2.74% Volume 1.74 b Change -$0.06 Open $2.35 Circulating 32.04 b Market Cap 75.32 b 1 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 4 d Polygon to Integrate EY’s Blockchain Solutions Into Its Ecosystem 4 d Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows DOT -5.00% Polkadot / USD DOTUSD $ 33.41
-$1.67-5.00% Volume 1.53 b Change -$1.67 Open $33.41 Circulating 987.58 m Market Cap 33 b 1 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 4 d Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows 5 d More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits XRP -1.56% XRP / USD XRPUSD $ 1.07
-$0.02-1.56% Volume 1.98 b Change -$0.02 Open $1.07 Circulating 46.62 b Market Cap 49.86 b 4 d Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows 5 d More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits 5 d Southeast Asia’s Largest Bank (DBS) Sees Increasing Crypto Demand from Corporate Investors and Wealthy Family Funds
When it comes to digital asset managers, the largest Grayscale Investments and Bitwise didn’t have any inflows last week, but while Grayscale managed to see some, $0.5 million, in the entire last month, Bitwise didn't see any.
Last week, 21Shares had the largest inflows of $34.8 million, followed by $30.6 million by Purpose, which launched the first Bitcoin ETF in North America and its Ether ETF trading at the Toronto Stock Exchange.