Ethereum price picks up momentum amid surge in institutional demand

Ethereum price picks up momentum amid surge in institutional demand

Ethereum price picks up momentum amid surge in institutional demand

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.

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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.


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