Digital assets manager CoinShares says institutional investors are diving into leading smart contract platform Ethereum (ETH) after its successful Shapella upgrade.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional ETH investment products saw inflows of $17 million last week, a sign of investor bullishness, according to the firm.
“Ethereum saw inflows totaling US$17 million last week, suggesting there is increasing confidence amongst investors following the implementation of the Shapella.”
Despite Ethereum’s big week of inflows, digital asset investment products overall suffered $30 million in outflows. King crypto Bitcoin (BTC) took the brunt of the losses, losing $53.1 million last week. Overall, BTC institutional investment products are still in the green by more than $250 million over the last four weeks.
“The profit-taking was focused on Bitcoin, which in the prior 4 weeks had seen a run of inflows totaling US$310 million, but last week saw outflows totaling US$53 million. Very minor inflows were seen in short-Bitcoin of US$1.5 million.”
Most altcoins followed in Ethereum’s footsteps with minor inflows. Multi-asset institutional investment products raked in $1.5 million while Polygon (MATIC), Solana (SOL) and Litecoin (LTC) products took in $1 million, $0.2 and $0.7 million respectively. XRP products suffered outflows of $0.4 million.
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The post Institutional Investors Shift to Ethereum (ETH) Following Successful Shapella Upgrade: CoinShares appeared first on The Daily Hodl.
