Investors are flocking to Bitcoin while Ethereum sees its outflows continue for the ninth week in a row.
While Bitcoin received $126 million in inflows this week, Ethereum had another week of outflows. According to the latest CoinShares report, digital asset investment products witnessed $100 million in inflows during the week of May 30 as investors poured money into Bitcoin. The inflows are a minor hint of recovery since the market has now seen inflows for two weeks in a row. Assets under management (AuM) have increased to $39.78 billion.
Ethereum has had outflows for nine weeks in a row. According to the research, Bitcoin dominated the inflow, receiving $126 million in total during the week in question. In the present negative market, the currency has been battling to sustain its $30,000 level, as seen by $1.3 million in short Bitcoin inflows for the week. On a year-to-date (YTD) basis, inflows into Short Bitcoin positions account for 30% of the $55 million AuM, demonstrating a significant pessimistic attitude this year. On a year-to-date basis, BTC’s total inflow has now surpassed $500 million.
Inflows to investment providers are dominated by purpose ETFs. With around $113.1 million in inflows, the Purpose ETF is the leading contributor among institutional digital asset investing service providers. In addition to ProShares, 21Shares, and ETC Group, other providers witnessed considerable inflows. Grayscale, which has been mostly unchanged since the beginning of the year, received $0.2 million in inflows. 3iQ and CoinShares XBT, on the other hand, had outflows of $72.4 million and $12 million, respectively. Meanwhile, investors in the Americas continue to outnumber those in Europe. According to CoinShares, the United States has received $570 million in YTD inflows, while Europe has received $41 million in outflows.
Read more: Long-term Bitcoin holders continue to soak up supply’ at $30K, according to on-chain data.
