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Institutional demand for Ethereum climbs as AUM hits new record
Crypto News

Institutional demand for Ethereum climbs as AUM hits new record

Saudu Clement
Saudu Clement

Amid Bitcoin’s current regulatory hurdles, institutional investors have turned to Ethereum.

Data from CoinShares’ June 1 Digital Asset Fund Flows Weekly report reveals that Ethereum investment products recorded institutional inflows of $74 million in the past week. As a result, ETH products now represent more than one-quarter of institutional crypto assets under management (AUM).

As per the data, a significant percentage of institutional inflows were channeled into Ether products. With more than 63% of institutional funds (equivalent to $46.8 million) going to Ethereum, ETH products now account for 27% of the combined AUM of crypto investment products.

Apart from Ethereum, other top-10 cryptos have seen significant inflows. Cardano, XRP, and Polkadot each received $5.2 million, $4.5 million, and $3.8 million, respectively.

Meanwhile, outflows from Bitcoin products appeared to have slowed. Approximately $4 million in capital existed BTC products. This is a meager amount compared to last week’s $110.9 million and $246 million over the past three weeks.

But despite Ethereum’s seemingly impressive performance in the past few weeks, Bitcoin still dominates on a year-to-date basis. Institutional BTC inflows are nearly $4.4 billion, while Ethereum’s currently stands at $973 million.