According to a CoinShares report, May marked the first time that there has ever been more trading volume of investment products in Ethereum (CRYPTO: ETH) that Bitcoin (CRYPTO: BTC).
What happened: The report found that last week’s outflows came solely from Bitcoin investment products, which accounted for $ 98 million in assets under management.
While the $ 98 million was only 0.2% of digital assets under management in crypto funds, it was also the largest outflow on record.
Meanwhile, all other digital asset investment products continued to see inflows of up to $ 48 million, including $ 27 million of inflows for Ethereum alone.
Why is this important: CoinShares believes that data from last week indicates that investors have diversified out of Bitcoin and into altcoin investment products.
“Digital asset investing products saw Ethereum’s trading volumes as the highest on record, totaling $ 4.1 billion for the week,” CoinShares wrote.
See also: Ethereum miners now have higher daily income than Bitcoin miners
“We have also seen entries in other digital assets, the most popular being Cardano and Polkadot with entries of $ 6 million and $ 3.3 million respectively.”
Price action: Bitcoin was trading at $ 45,297 after losing 20% in the past seven days. Ethereum traded at $ 3,400, also down 13% over the past week. Altcoins like Cardano and Polkadot were trading at $ 2.12 and $ 41.10, after gaining 24% and 10% respectively over the past week.
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