Crypto asset management firm CoinShares says that the market share of Ethereum (ETH) in institutional investment products is growing.
In a new weekly report, CoinShares says that the market share of the leading smart contract platform in investment products has taken a significant leap in the first eight months of this year.
[adinserter block="1"]“Ethereum market share is again rapidly rising and now represents 26% of investment products, compared to just 11% at the beginning of 2021.”
In the first week of August, CoinShares says Ethereum recorded institutional inflows amounting to $2.8 million. Year-to-date, it has seen inflows of $957 million. The total amount of Ethereum assets under management now stands at $12.65 billion.
Other crypto assets also saw minor inflows in the first week of August, including Ripple (XRP), Polkadot (DOT), Bitcoin Cash (BCH), Litecoin (LTC) and Cardano (ADA).
Ripple witnessed inflows of $1.1 million while Bitcoin Cash recorded $1 million in inflows in the first week of August. Polkadot, Litecoin, and Cardano all registered inflows of below $1 million during the same period.
In contrast, Bitcoin recorded outflows in the first week of August in spite of its rally above $40,000.
“Despite the positive price movements, Bitcoin continued to bear the brunt of the outflows, totaling US$33m last week.”
Year-to-date, however, Bitcoin has printed higher inflows compared to Ethereum at $4.21 billion.
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