[Blockchain Today Correspondent Yohan Park] The stock market may not be over yet, but market investors are showing interest in digital asset funds once again, according to a new report from analytics firm Coinshares.
A number of funds are starting to see net inflows after several weeks of record outflows due to a market-wide slump in cryptocurrencies, according to a Coinshares report released on the 1st by Cointelegraph. Overall, not all commodities are bullish, but the legacy market has poured $74 million into cryptocurrency investment vehicles.
The report highlights the strength of altcoins, especially environmentally friendly proof-of-stake altcoins. Cardano, Ripple, and Polkadot funds each saw inflows of over $3 million. But the real star of this report is Ethereum. With a total inflow of $47 million, ETH accounts for the majority of net digital asset fund investments, boosting ETH market dominance by up to 27%.
Investors’ bullish outlook for the asset comes after a series of bullish reports from academia and institutional finance institutes. Last week, the University of Pennsylvania and Goldman Sachs published a study claiming Ethereum as a store of value, partly because of its importance in the DeFi ecosystem.
Technology advances and winds are taking place on the world’s largest Layer 1 smart contract platform. Layer 2 scaling solution Arbitrum has recently entered the market with a cautious launch, and the long-awaited EIP-1559 gas rate overhaul is due to be implemented later this year, and will also be implemented with the much-anticipated proof-of-stake consensus model. Is expected.
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