Institutional managers hold record $ 13.9 billion worth of Ethereum


Institutional investment managers bought $ 30.2 million worth of Ethereum (ETH) last week, bringing their total holdings to a record $ 13.9 billion, according to CoinShares.

Entries into Ethereum products appear to be increasing as investors devote more attention and resources to the smart contract platform. Monthly entries for ETH products totaled $ 170 million, bringing the annual total to $ 824 million. The managers now hold a total of $ 13.9 billion in ETH.

ALSO READ  Garry Tan's $ 300,000 Coinbase Investment in 2013 Now Worth $ 2.4 Billion

The weekly admissions report showed strong growth in most digital assets except Bitcoin Cash (BCH), where admissions fell by $ 1.7 million. Weekly entries on all assets reached $ 489 million, with Bitcoin (BTC) being the highest at $ 441.7 million.

Total crypto assets under management now stand at $ 64.7 billion, a gain of around $ 7 billion over the past six weeks.

“The high flows mask varied flows among providers, with many seeing exits in Europe while their North American peers have seen strong inflows,” CoinShares explained. In particular, weekly entries stagnated for Grayscale, fell $ 46 million for CoinShares, and rose $ 554.1 million for 3iQ, which operates Canada’s first Bitcoin exchange-traded fund.

ALSO READ  Revealed: Top 4 User Complaints About Signal's New Encrypted Payments Beta

Ethereum drove crypto to new highs this week, with the market cap of all assets hitting $ 2.398 billion, according to Coingecko. This is above the previous April 16 high of $ 2.343 billion.

The price of ETH has seen remarkable growth over the past week, hitting a new high above $ 3,500. The second largest cryptocurrency appears to be holding up well amid the latest correction which saw Bitcoin drop 6% and the overall market lost around $ 150 billion from the recent high.

ALSO READ  DMCC signs deal to build blockchain-based precious metals refinery in Dubai