It is mainly Ethereum (ETH) that the major institutional investors were interested in last week. This is evident from the new weekly update from CoinShares. In it, it shares numbers of how much capital has flowed into the various crypto-based funds.
Bitcoin yields, ethereum in the spotlight
CoinShares states that a total of $3 million in net investments has flowed into the major funds. Think of funds from providers such as Grayscale, 21Shares, but also CoinShares itself. $3 million is not a huge amount, although it does mark the sixth week in a row that there is again more net inflow of funds.
Additionally, CoinShares notes that despite the crash, many new crypto investment products launched in the second quarter. This concerns 32 new products. That is the second highest level ever. This level was higher only in the fourth quarter of 2021. Then 33 new products were launched. In short, there seems to be interest from investors.
And at least last week, that interest focused mainly on ethereum investment products. $16.3 million flowed in there. This while $8.5 million flowed away from bitcoin products. CoinShares notes that this positive sentiment around Ethereum likely has a single cause:
“Ethereum saw inflows totaling US$16 million and is enjoying inflows totaling $159 million for the 7th consecutive week. We believe this reversal in investor sentiment is due to greater clarity on the timing of The Merge, with Ethereum moving from its proof-of-work to proof-of-stake protocol.”
Despite positive inflow Ethereum volume remains low
Still, the numbers are a bit tame. This year, the average trading volume of crypto investment products was $2.4 billion per week. Last week, the figure was $1.1 billion.
This may indicate caution among this group of investors. And that is of course not surprising in these market conditions. Uncertainty seems to prevail among both the smaller and large investors, but the crypto prices that do not show anything spectacular as a result.
