Redirecting investment from Bitcoin to Ether
Institutional investors appear to have offloaded nearly $100 million worth of Bitcoin exposure this past week while Ether investment product volumes surged.
Coin Shares report has revealed last week saw the largest outflow of Bitcoin (BTC) in the report’s history.
Amid the tumultuous market conditions for Bitcoin, institutional investors appear to have ramped up their accumulation of Ether (ETH) and other alternative cryptocurrencies.
Ether represented more than half of the flows to altcoin investment products with $27 million. Cardano (ADA) and Polkadot’s DOT also saw increased inflows of $6 million and $3.3 million, respectively.
CoinShares also notes that May is shaping up to be the first month in which investment volume for institutional Ether products has outpaced that of Bitcoin products.