[Blockchain Today reporter Kim So-yeon] As a result of buying Ethereum (ETH) worth $30.2 million last week by institutional investment managers, the total holdings reached $13.9 billion, Cointelegraph reported.
According to Coinshares, as investors invest more interest and resources in the smart contract platform, the inflow to Ethereum products is expected to increase further. The total monthly inflow of Ethereum products was $ 170 million, with an annual total of $ 824 million. Currently, managers hold ETH worth $13.9 billion.
The weekly inflow report shows strong growth in the inflow of most digital assets, excluding Bitcoin Cash (BCH), where inflows declined by $1.7 million. Weekly inflows for all assets amounted to $489 million, with BTC being the highest at $441.7 million.
Currently, the total assets put into cryptocurrency is $64.7 billion, which has generated about $7 billion in revenue over the past six weeks.
Coinshares explained that “high inflows are hiding various flows between suppliers, and there are many outflows in Europe, while colleagues in North America have seen strong flows.” In particular, looking at the weekly influx of Grayscale, CoinShares price fell by $46 million, and the 3iQ price, which manages Canada’s first Bitcoin exchange trading fund, exceeded $554.1 million.
Ethereum took crypto to a new level this week, according to CoinGecko. All assets are said to have a market capitalization of $2,398 billion. This is above the highest on April 16 ($2.34 billion).
The price of Ethereum has been recording remarkable growth over the past week, breaking a new record, surpassing $3,500. The second-largest cryptocurrency seems to be holding up well with the recent Bitcoin drop of 6% and the overall market dropping by around $150 billion from the latest high.
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