Other crypto assets like Cardano, XRP, and Polkadot also saw a significant amount of inflows
Investors took advantage of low market prices to gobble up over $74 million worth of digital assets this past week, a new report by CoinShares shows.
According to the Digital Asset Flows Weekly report released on 1 June, institutional inflows into Ethereum products was $46.8 million, representing about 63% of weekly inflows that stood at $74 million.
Ethereum also achieved its highest inflows as it totaled nearly 27% of all assets under management (AUM) over the past week.
Outflows have meanwhile remained largely focused on Bitcoin (BTC), with weekly exits totaling about $4 million. Although this marks a significant reduction from the previous week’s $110 million, outflows for Bitcoin currently stand at $246 million over the past three weeks.
Ethereum price surges again amid buy pressure
The increase in demand for Ethereum occurred even as the crypto market experienced a downturn that further weakened sentiment. ETH’s value had plunged to a 7-day low of $2,188 but is seeing positive action as prices hover near $2,800.
As per data on CoinGecko, the price of Ethereum has increased by 4.3% in the past 24 hours. However, with its value at $2,707 as of writing, ETH/USD is nearly 37.9% off its all-time high of $4,356 reached on 12 May, 2021.
But with ‘FUD slowly fading‘, another leg up could push ETH towards $3k again. This might be helped by the strong daily trading volume that has also surged over the past 24 hours, rising by 4.7% to $38.3 billion.
If retail and institutional investments continue flowing into Ethereum, a retest of the $4.3k ATH level could be achieved short term.
Cardano (ADA) and Ripple (XRP) see significant inflows
Apart from Ethereum, other digital assets to see significant inflows were Cardano ($5.2 million), Ripple’s XRP ($4.5 million), and Polkadot ($3.8 million).
The report suggests that altcoins remain popular with investors, with most of the investment inflows going to proof-of-stake coins.