Investors dump $BTC while investment volume in Ethereum skyrockets.
The Digital Asset Fund Flows report published by CoinShares on May 17 shows that $98 million has been withdrawn from Bitcoin investment products. This amount is equivalent to 0.2% AUM of CoinShares.
AUM, also known as assets under management, is a number that indicates the total market value of the investments that an individual or organization manages on behalf of their clients.
Although 0.2% is not a huge number, it is the largest cash outflow this company has ever recorded.
Amid the current turmoil in Bitcoin market, institutional investors have ramped up their accumulation of $ETH and other cryptocurrencies. Inflows into crypto investment products – excluding Bitcoin – were recorded at $48 million.
More than half of that is invested in Ethereum with $27 million. The inflows into Cardano and Polkadot were $6 million and $3.3 million, respectively.
CoinShares also notes that this May is likely to become the first month in history that the investment volume for Ethereum is higher than the investment volume for Bitcoin. Institutional investors are starting to diversify their portfolios and turn to other altcoins instead of focusing on $BTC only.
This also reflects recent trends in the crypto market. Bitcoin’s dominance fell to a three-year low of 40% also on May 17.