Amid Bitcoin’s current regulatory hurdles, institutional investors have turned to Ethereum.
Data from CoinShares’ June 1 Digital Asset Fund Flows Weekly report reveals that Ethereum investment products recorded institutional inflows of $74 million in the past week. As a result, ETH products now represent more than one-quarter of institutional crypto assets under management (AUM).
As per the data, a significant percentage of institutional inflows were channeled into Ether products. With more than 63% of institutional funds (equivalent to $46.8 million) going to Ethereum, ETH products now account for 27% of the combined AUM of crypto investment products.
Apart from Ethereum, other top-10 cryptos have seen significant inflows. Cardano, XRP, and Polkadot each received $5.2 million, $4.5 million, and $3.8 million, respectively.
Meanwhile, outflows from Bitcoin products appeared to have slowed. Approximately $4 million in capital existed BTC products. This is a meager amount compared to last week’s $110.9 million and $246 million over the past three weeks.
But despite Ethereum’s seemingly impressive performance in the past few weeks, Bitcoin still dominates on a year-to-date basis. Institutional BTC inflows are nearly $4.4 billion, while Ethereum’s currently stands at $973 million.