Institutional Funds to Ethereum Products Flips Green as Asset Trades Above $2,200
Publikováno: 5.12.2023
Source: Pexels The bullish drive of institutional investors in recent weeks can be seen across several market metrics as digital assets soar to levels not recorded in months. Ethereum (ETH) traded sideways for most of the year before soaring above $2,000 following the recent market uptick which has sent the wider market capitalization over $1.5 […]
The post Institutional Funds to Ethereum Products Flips Green as Asset Trades Above $2,200 appeared first on Cryptonews.
The bullish drive of institutional investors in recent weeks can be seen across several market metrics as digital assets soar to levels not recorded in months.
Ethereum (ETH) traded sideways for most of the year before soaring above $2,000 following the recent market uptick which has sent the wider market capitalization over $1.5 trillion and ignited bullish sentiments.
At press time, institutional investors’ funds in Ethereum products stand at $10 million year-to-date (YTD), turning the tide after several weeks in the woods while its assets under management (AUM) is over $8.8 billion.
Digital Asset Funds Record $1.76 Billion Inflows in 10 Weeks, Highest Since 2021: Report
Digital asset investment products recorded $176 million in inflows last week extending the positive run to 10 consecutive weeks. #CryptoNewshttps://t.co/fcK19i66sj
— Cryptonews.com (@cryptonews) December 4, 2023
The CoinShares Weekly assets flows recorded outflows from the altcoin giant for several weeks despite positives recorded on the main network in terms of developments.
Most analysts viewed the poor run of Ethereum as the massive slide recorded last year following wider economic factors and industry collapses. ETH plunged over 55% in 2022 alongside Bitcoin (BTC) as Federal Reserve policies, inflation factors, and the collapse of the Terra Network and FTX sent prices tumbling.
This year marked a renewed surge of institutional investors in the market but the majority of the growth was seen around Bitcoin as anticipation for a spot ETF grew following the application of BlackRock and other institutional giants with strong optimism that the Securities and Exchange Commission (SEC) will approve a filing.
As a result, while Bitcoin products recorded inflows for weeks which now stand at over $1.6 billion YTD, Ethereum products have struggled with several weeks of outflows leading to net inflows of $10 million YTD.
Ethereum leads altcoin gains
Several analysts opined an uptick in the performance of ETH at the start of the year as a result of the network’s Merge which saw its transition of Proof-of-Stake consensus mechanism. A recent survey showed that most wealth managers backed the asset as the crypto with the highest growth potential.
Global wealth fund managers have backed $ETH as the asset with the highest growth projection despite a slow price increase in recent months, a new survey shows.#CryptoNews#Ethereumhttps://t.co/x4CvuftS4R
— Cryptonews.com (@cryptonews) November 1, 2023
Last week, Ethereum saw inflows of $31 million extending the recent run of consecutive inflows to five weeks totaling $134 million outshining Solana (SOL) which was described as an altcoin favorite after weeks on consecutive inflows.
While ETF demand fueled the run of Bitcoin, the launch of several future Ethereum failed to drive the growth as predicted along many circles.
At press time, ETH trades above $2,200 with bulls locking sights on another run to end the year.
Bitcoin has continued to drive the market this year with surging investment fund figures with anticipation of an ETF approval and a bull run. Last week, institutional investors poured in $132 million igniting a positive momentum pushing DeFi figures above $46 billion and altcoins to yearly highs.
The post Institutional Funds to Ethereum Products Flips Green as Asset Trades Above $2,200 appeared first on Cryptonews.