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Institutional investors are continuing to abandon BTC in favour of ETH, with Ether investment products now accounting for more than a quarter of institutional crypto AUM.
Institutional demand for Ethereum continues to rise, with Ether products now accounting for more than one-quarter of crypto investment products’ assets under management (AUM).
The last week witnessed large institutional inflows of $74 million, according to CoinShares’ June 1 Digital Asset Fund Flows Weekly report, as investors looked to profit on the fallout from the previous meltdown, in which several crypto assets lost more than 50% of their value.
More than 63 percent of institutional inflows, or $46.8 million, were directed towards Ether products. Ether products now account for 27 percent of the total AUM for crypto investment products, the biggest percentage to date.
Significant amounts were also invested in products that provide exposure to numerous crypto assets ($11.1 million), as well as funds that target Cardano ($5.2 million), XRP ($4.5 million), and Polkadot ($3.8 million).
Outflows from Bitcoin products have eased, with around $4 million in funds leaving the markets, compared to $110.9 million in outflows last week. $246 million has abandoned BTC investment products in the last three weeks.
Despite the fact that Bitcoin’s 30-day inflows of $47.9 million are presently less than one-third of Ether’s $147.7 million, Bitcoin still leads in year-to-date inflows with approximately $4.4 billion compared to Ether’s $973 million.
However, Ether’s recent surge has reignited discussion over whether Ethereum is about to flip Bitcoin, with Ethereum now outperforming crypto’s honeybadger in terms of transaction count, volume, and fees, as well as trading volume.
According to CoinGecko, Ether is presently the second-most traded crypto currency, with a daily volume of $38.8 billion, trailing only Tether’s $103 billion. Over the last 24 hours, over $32.9 in BTC changed hands.