According to CoinShares' latest Digital Asset Fund Flows Weekly Report, institutional investors have been investing heavily in the leading smart contract platform Ethereum (ETH) following its successful Shapella upgrade. The report shows that ETH investment products saw inflows of $17 million last week, indicating a growing investor confidence in the cryptocurrency.
Bitcoin Suffers Losses as Ethereum Gains Ground
Despite Ethereum's success, digital asset investments overall experienced $30 million worth of outflows last week, with Bitcoin (BTC) taking the biggest hit with losses totaling $53.1 million. However, BTC institutional investment products are still profitable by over $250 million in the last four weeks, despite the outflows last week.
"The profit-taking was focused on Bitcoin, which in the prior 4 weeks had seen a run of inflows totaling US\$310 million, but last week saw outflows totaling US\$53 million. Very minor inflows were seen in short-Bitcoin of US\$1.5 million."
Altcoins Follow Ethereum's Path
Most altcoins followed Ethereum's footsteps with minor inflows. Multi-asset institutional investment products raked in $1.5 million while Polygon (MATIC), Solana (SOL), and Litecoin (LTC) products took in $1 million, $0.2 million and $0.7 million, respectively. Meanwhile, XRP products experienced outflows of $0.4 million.
In conclusion, it seems that investors are showing more interest in Ethereum, thanks to its recent Shapella upgrade. Despite Bitcoin suffering losses last week, its institutional investment products continue to be profitable overall. As for altcoins, they seem to be following Ethereum's path with minor inflows.
