Ethereum saw its largest institutional outflows on record last week as outflows from Bitcoin eased, according to a report by CoinShares, Europe’s largest digital asset investment firm.
- Following two consecutive weeks of positive inflows, institutional investment in Ethereum products took a dip last week, with total outflows of US$12.7 million.
- Bitcoin outflows declined significantly to US$9.9 million last week, compared to US$141.4 million the week before, with trading activity rising 43%. Bitcoin’s next upgrade — Taproot — was confirmed on June 12 and will take place in November. The upgrade will help make Bitcoin transactions more efficient, private and scalable.
- XRP saw outflows of US$2.8 million last week following six consecutive weeks of inflows amounting to US$21 million. Cardano, which is in the midst of its Alonzo upgrade, saw inflows of US$1.7 million.
- The overall crypto market remained soft, with total weekly institutional outflows of US$21.4 million last week, marking the second consecutive week of outflows. This brings total weekly outflows since mid-May to US$267 million, or 0.6% of total assets under management, according to CoinShares.
- “While sentiment has weakened over the last month investors on the whole remain committed given the magnitude of inflows seen this year which represent 13% of AUM or US$5.8bn, nearly matching the US$6.7bn for the whole of 2020,” wrote CoinShares Investment Strategist James Butterfill.