Institutional investors continue to dump BTC in favor of ETH, with Ether investment products now representing more than a quarter of the assets under management (AUM) of crypto investment products. According to Cointelegraph
JUNE 2, 2021
According to CoinShares Digital Asset Fund Cash Flow Weekly Report June 1, the past week has seen significant institutional inflows of up to $74 million as investors look to capitalize on recent crash in which many crypto assets have lost more than 50% of their value.
Over 63% of institutional inflows were poured into Ether products, or $46.8 million in total. Ether products currently represent 27% of the combined AUM for crypto investment products – the highest ratio to date.
Significant outflows were also made to products that provide exposure to multiple crypto assets ($11.1 million) as well as funds targeting Cardano ($5.2 million). , XRP ($4.5 million) and Polkadot ($3.8 million).
Outflows from Bitcoin products have slowed, with around $4 million in capital exiting the market — down from last week’s $110.9 million outflow. Over the past three weeks, $246 million has exited BTC investment products.
Although Bitcoin's 30-day inflow of $47.9 million is now equivalent to about a third of Ether's $147.7 million, Bitcoin still dominates annual investment inflows with nearly $4,500. $4 billion versus Ether's $973 million.
However, Ether's recent momentum has fueled new speculation about whether Ethereum is about to "Flippening" Bitcoin, with Ethereum currently beating the king of crypto by transaction count, volume, fees and transaction volume.
According to CoinGecko, Ether is currently the second most traded crypto asset with $38.8 billion in daily volume, behind only Tether at $103 billion. Approximately $32.9 worth of BTC has changed hands in the last 24 hours.