CoinShares’ weekly Digital Asset Fund Flows report has revealed final week noticed the biggest Bitcoin within the report’s historical past as Elon Musk’s Twitter account again wreaked havoc within the crypto markets.
The Could 17 report notes $98 million exited Bitcoin investment products final week, equating to 0.2% of whole property beneath administration, or AUM. “Whereas small, this marks the biggest outflow we have now recorded,” CoinShares famous.
Amid the tumultuous market situations for Bitcoin, institutional buyers seem to have ramped up their accumulation of Ether and different various cryptocurrencies, with the report figuring out inflows to crypto asset funding merchandise of $48 million when excluding Bitcoin.
Ethereum represented greater than half of flows to altcoin funding merchandise with $27 million. Cardano and Polkadot additionally noticed elevated inflows of $6 million and $3.3 million respectively.
CoinShares additionally notes that Could is shaping as much as be the primary month during which funding quantity for institutional Ether merchandise has outpaced that of Bitcoin merchandise. The report acknowledged:
“The information impl[ies] that buyers have been diversifying out of Bitcoin and into altcoin funding merchandise.”
Digital asset funding merchandise noticed a internet outflow of $50 million, marking the primary week to put up a internet outflow since October 2020.
The institutional pivot in the direction of Ether and altcoins displays latest developments within the broader crypto asset ecosystem, with Bitcoin market dominance sinking to a three-year low of roughly 40% as of Could 17.