The first week of August may have sparked a market-wide rally in crypto, but institutional outflows from Bitcoin (CRYPTO: BTC) focused funds still persisted.
What Happened: Bitcoin gained 19% over the past seven days to trade above $45,400 at the time of writing, but institutional Bitcoin funds saw $33 million in outflows over the past week, according to data from CoinShares.
Meanwhile, Ethereum (CRYPTO: ETH) recorded $2.8 million inflows over the past week. According to CoinShares, the leading altcoin is once again rapidly gaining market share and now represents 26% of investment products.
CoinShares also reported that the total investment products assets under management are now back $50 billion, which is the “highest level since mid-May.”
“We have seen the number of funds/investment products listed accelerate recently with a record 37 launched this year compared to the previous high of 30 seen in 2018,” stated the Digital Asset Fund Flows Weekly report.
Why It Matters: This week’s data confirms a trend that has been predicted by industry observers, including Goldman Sachs Group Inc (NYSE:GS), for several months now.
A recent report from Coinbase Global Inc’s (NASDAQ:COIN) institutional team revealed that Ethereum had outperformed Bitcoin and several other benchmark assets.
“Many of our largest institutional clients, including hedge funds, endowments, and corporates, increased or added first-time exposure to ETH in H1, believing the asset has long-term staying power tantamount to BTC’s while playing a differentiated role in their portfolios,” stated the report.
Price Action: At press time, Ethereum was trading at $3,147 after gaining 1.26% over the past 24-hours. Meanwhile, Bitcoin was trading just 0.60% lower at a price of $45,555 over the same time period.
Read also: Why Long-Term Investors Are Buying Bitcoin Below This Yellow Line
