Bitcoin (BTC) witnessed the largest on record outflow last week, said the London-based digital asset manager CoinShares in a report earlier this week.
Bigger bets for Ethereum
In the report, CoinShares, the second-biggest and largest European digital asset manager said Bitcoin investment products recorded a colossal $98 million in outflows:
“The outflows were solely from Bitcoin investment products which totaled $98 million or 0.2% of total assets under management. While small, this marks the largest outflow we have recorded, with the second largest at $19 million in May 2019.”
Before crypto prices plummeted last week, BTC investment products had major outflows. Meanwhile, the second largest cryptocurrency, Ethereum (ETH), experienced ample institutional investment inflows. Compared to BTC’s $3.1 billion worth of inflows, ETH trading volumes in digital asset investment products totaled $4.1 billion. Read More