A leading digital assets manager says institutional investors are becoming more optimistic about Ethereum (ETH) after a long streak of capital outflows.
In the latest Digital Asset Fund Flows Weekly , CoinShares finds Ethereum digital asset investment products have seen three consecutive weeks of inflows, breaking an 11-week run of outflows.
CoinShares refers to the major Ethereum upgrade to a proof-of-stake blockchain expected to occur next month.
“Ethereum saw inflows for the third consecutive week totaling $7.6 million. The inflows suggest a modest turn-around in sentiment having endured 11 consecutive weeks of outflows that brought 2022 outflows to a peak of $460 million.
This improvement in sentiment may be due to the increasing probability of the Merge, where Ethereum moves from proof-of-work to proof-of-stake, happening later this year.”
While Ethereum enjoyed inflows, Bitcoin (BTC) institutional investment products suffered a rare week of outflows, losing $1.7 million, while short-Bitcoin products, or instruments allowing investors to short BTC, saw inflows.
“Bitcoin saw minor outflows totaling $1.7 million while inflows into short-Bitcoin totaled $6.3 million last week.”
Multi-asset investment products, those investing in multiple altcoins, led altcoin products with $2.2 million of inflows last week.
“Multi-asset investment products saw minor inflows totaling $2.2 million, while the broader altcoin market has remained remarkably inactive this month so far with minor outflows totaling $0.3 million.”
