Institutions Pumping Millions of Dollars into Ethereum and Other Altcoins: CoinShares

Digital asset manager CoinShares says investors have invested millions of dollars in Ethereum (ETH), XRP, Cardano (ADA) and other crypto assets. In its June 7 weekly report, CoinShares shows where investors' money is flowing, showing that Ethereum (ETH) is the altcoin of choice for buyers with $33 million in inflows. “Digital asset investment products saw a total outflow of $94 million last week. Despite the clear upsides, we think this represents an early reversal in sentiment since May when most product providers saw clear exits and sentiment was generally negative. Ethereum continues to see an inflow in investment products totaling $33 million and remains the altcoin of choice for investors. Besides Ethereum, XRP, Cardano, and multi-asset products are the most popular investments, with inflows of $7 million, $4.5 million, and $2.7 million respectively. The report also shows that heavy negative sentiment is centered on Bitcoin as it saw an outflow of $141 million, its biggest debut week on record. The data shows that investors remain cautious after Bitcoin slumped from its all-time high of $63,500 to $30,000. “Trading volumes for investment products in digital assets show that investors remain cautious on Bitcoin, with weekly volumes down 62% from last month. This is reflected in the broader Bitcoin ecosystem, where volumes on trusted exchanges have dropped by 50%.” Bitcoin remains the largest CoinShares holding company with more than $30 billion in assets under management, followed by Ethereum with $12.32 billion. Don't miss a thing – Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram The Daily Hodl Mix Check the latest news Headlines Disclaimer: Opinions expressed in The Daily Hodl are not investment advice . Investors should exercise due diligence before making any risky investments in Bitcoin, cryptocurrency or digital.

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