- Institutional investment momentum into Ethereum was sustained, with inflows of US$33 million last week. Despite a drop in inflows from the previous week’s US$47 million, Ethereum remains “the altcoin of choice for investors,” CoinShares said. Cardano products saw inflows of US$4.5 million, down slightly from the previous week’s US$5.2 million.
- Overall institutional investor sentiment was weak, with US$94 million in outflows from digital assets, largely from Bitcoin, which at US$141 million, had its biggest single week of outflows on record, CoinShares said. Weekly trading volume in Bitcoin fell 62% from May, indicating that investors remain cautious on BTC.
- “Despite the new outflows we believe it implies an early turn in sentiment since May, where most product providers were seeing net outflows and sentiment was broadly negative,” CoinShares said.
- Ethereum — the world’s second largest cryptocurrency by market value — has seen increasing institutional adoption this year, with asset managers launching or applying to launch exchange-traded funds for Ethereum. Its “London” upgrade, which is expected to address the network’s high transaction fees and add deflationary pressure to the supply of coins, is due to take place next month.
- Cardano — the fifth largest cryptocurrency by market value — in the midst of its “Alonzo” rollout, which will bring smart-contract functionality to the blockchain and enable the deployment of a wide range of decentralized finance applications.
- Earlier this week, CoinShares announced that its Bitcoin, Ethereum and Litecoin physically-backed exchange traded products had cross-listed on Germany’s Börse Xetra exchange, providing institutional investors with another entry point for exposure to digital assets.