Digital asset manager CoinShares says inflows into its Ethereum products vastly outpaced inflows into Bitcoin (BTC) for the first time ever.
Last week, before crypto prices plummeted across the board, Ethereum investment products saw sizable institutional investment inflows while Bitcoin products had major outflows, according to digital asset manager CoinShares.
CoinShares notes in its weekly report that Bitcoin investment products last week recorded a whopping $98 million in outflows, the largest on record. While that figure only represents 0.2% of their total assets under management, the quantity far exceeded the second highest weekly outflow total of $19 million in May 2019.
Ethereum, by contrast, saw $27 million worth of inflows last week. Ethereum trading volumes in digital asset investment products last week also totaled $4.1 billion, compared to Bitcoin’s $3.1 billion, the first time there has been higher investment product trading volumes in ETH than in BTC at the firm.
Altcoin investment products overall totaled $48 million in inflows, implying “that investors have been diversifying out of Bitcoin and into altcoin investment products,” according to CoinShares.
Despite Bitcoin’s dramatic shift in flow totals, the digital asset manager maintains that such a metric is unlikely to impact overall sentiment surrounding the top crypto asset.
“Historical data implies that outflows of this nature have not marked pivotal points in sentiment change for digital assets.”
Cardano (ADA) and Polkadot (DOT) also saw high inflows in the same period, recording $6 million and $3.3 million respectively.