In the last 7-days, the Bitcoin price has corrected by around 20%. This downturn led to a record outflow last week. Estimates show that around US$98 million worth of investment left Bitcoin products. Concurrently, CoinShares’ latest weekly digital asset report shows that around US$48 million were invested in altcoin-related investment products last week.
Ethereum emerged as the most popular investment destination among institutional investors. Reports say that around US$27 million were invested by the institutional investors in Ethereum investment products last week. In fact, two other altcoins, Cardano (ADA) and Polkadot (DOT), also attracted significant amounts of investments. While Cardano investment products received US$6 million, Polkadot received US$3.3 million inflow.
In the last 7-days, the prices of Cardano (ADA) and Polkadot (DOT) increased by 30% and 12% respectively. With Elon Musk recently announcing that Tesla will not accept Bitcoin as a payment mode for its electric vehicles, the largest digital currency in terms of market capitalization fell significantly to the US$42,000 level (the lowest BTC level since February 2021).
In its report, CoinShares said:
“Outflows were solely from Bitcoin investment products which totaled $98 million or .02% of total assets under management. While small, this marks the largest outflow we have recorded. Ethereum continued to see strong inflows totaling $27 million last week. The month of May marking the first time that there has been more investment product trading volumes in Ethereum relative to Bitcoin,”
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