Ethereum, the world’s second-largest cryptocurrency, saw a surge in institutional demand last week as ETH investment products attracted approximately $6.6 million worth of inflows during the mentioned period.
According to the weekly digital asset fund flows report published by CoinShares, global crypto investment products saw inflows worth $42 million last week. Apart from Ethereum, multi-asset investment products saw consistent inflows in the last week.
Solana, a competitor of Ethereum, saw institutional inflows worth $4.8 million last week. During the second week of September 2021, Solana investment products attracted inflows worth $50 million.
“Ethereum and multi-asset investment products saw inflows of US$6.6m and US$3.7m, respectively. Bitcoin saw inflows of US$15m. It has suffered the most from negative investor sentiment with inflows in only 3 of the last 16 weeks. Over the course of 2021, its total market share of assets under management (AuM) has fallen from 81% (in January) to just 67% today,” CoinShares mentioned.
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“Solana (Ethereum’s competitor), despite recovering from a network outage caused by a DDoS attack, saw inflows of US$4.8m. This suggests investors were happy to shrug off the attack, seeing it as teething problems rather than something more inherent with the network,” CoinShares added.
According to the recent report, the total value of the global cryptocurrency assets under management (AUM) related to Ethereum stayed above $15 billion last week. In terms of price, Ethereum saw a sharp increase in August as the price has jumped from $2,400 to nearly $3,500 within the last month. However, due to the recent correction, the price of Ethereum dipped below $3,000 on Tuesday for the first time in nearly 5 weeks.
Apart from Ethereum, the overall global cryptocurrency assets under management have seen a jump during the last week as the number crossed $59 billion. “Digital asset investment products saw inflows totaling US$42 last week. Inflows were seen across all digital assets and signals what we believe to be continually improving sentiment amongst investors and mark the 5th consecutive week of inflows,” the report highlighted.