Coinshares: “Ethereum Institutional Outflows Sets New Record”
The disdain towards the crypto industry continues to affect all coin prices, including Ethereum. One of the leading digital asset investment companies across Europe, Coinshares, reported that the institutional outflow from the second-largest cryptocurrency by market cap hit a new record of $45 million over the past seven days.
Ethereum Experiences $45 Million Outflows in 7 Days
According to Coinshares weekly report, this week’s outflows of $45 million makes it the fourth consecutive week of outflows from institutional investors. However, the report remarked that “by comparison, this outflow is small compared to the effect of negative sentiment on the crypto market three years ago where the ratio of outflows and asset under management as a percentage reached about 5%.”
Also, there have been outflows from bitcoin; this week’s outflow of $1.4 million marks the seventh successive week of outflows from the leading cryptocurrency. However, Coinshares reports that everything wasn’t outflows; there were some inflows in between the outflows.
In contrast, there have been more inflows into various investment products. This past week, the total amount of inflows was about $6 million. Even though this amount is $4 million less than that of the previous week, it is still proof that investors are still willing to invest in virtual assets but will prefer to diversify their investments.
The Coinshares report also said that within the same period, inflows for Cardano was $0.15 million, while that of XRP was $1.5 million. A weekly market release by one of wave financial’s top traders, Justin Chuh, reveal that “bitcoin rose about 20% for the year even though it declined by about 41% this quarter. Also, Ethereum rose slightly for the quarter (about 2.9%), but its year to date rise stands at an astonishing 167%.”
Chuh further said crypto market trading is fun despite having higher volatility than the traditional markets. Since the beginning of this year, the s&p has risen by 14% and about 8% for the quarter.
Ethereum Trades Above $2,150
In recent days, including this past weekend and yesterday, altcoins and bitcoin have performed similarly in terms of plummeting price movements. Ethereum was trading around $1,750 at the beginning of the weekend but gained over $450 from that time to trade at its current price. It even reached a 7-day peak price of $2,180 earlier today.
While most altcoins have been on the rise, $doge, $cardano and $bnb have remained stagnant or even declined in the last 24 hours.
Ethereum Classic Might Post Record Month
Meanwhile, Ethereum classic developers are working hard on its upgrade (termed the “magneto upgrade”) to ensure that it can fully compete with Ethereum and other modern platforms. Among other features such as improvements in security, optimization on gas and transactions, the magneto upgrade will include the successful berlin upgrade from Ethereum.
The upgrade will be deployed immediately after the ongoing tests are completed. As of this writing, next month is the scheduled date for the deployment of the upgrades.
Ethereum classic upgrade announcement. Source: Twitter
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