Other crypto assets such as Cardano, XRP, and Polkadot also saw a significant number of entries.
Investors took advantage of low market prices to gobble up more than $ 74 million in digital assets last week, a new report from CoinShares shows.
According to the Digital Asset Flows Weekly report released on June 1, institutional inflows on Ethereum products were $ 46.8 million, representing about 63% of weekly inflows which stood at $ 74 million.
Ethereum also made its biggest inflows as it totaled nearly 27% of all assets under management (AUM) over the past week.
Meanwhile, exits have been primarily focused on Bitcoin (BTC), with weekly departures totaling around $ 4 million. Although this marks a significant reduction from the $ 110 million in the prior week, Bitcoin’s outflows currently amount to $ 246 million over the past three weeks.
Ethereum price rises again amid buying pressure
The surge in demand for Ethereum came even as the crypto market experienced a recession that further weakened sentiment. The value of ETH had tumbled to a 7-day low of $ 2,188, but is seeing positive action as prices hover around $ 2,800.
According to data from CoinGecko, the price of Ethereum has risen 4.3% in the last 24 hours. However, with its value at $ 2,707 at time of writing, ETH / USD is almost 37.9% off its all-time high of $ 4,356 reached on May 12, 2021.
But with the ‘FUD slowly fading,’ another stage up could push ETH towards $ 3k again. This could be helped by the strong daily trading volume that has also increased in the last 24 hours, increasing 4.7% to $ 38.3 billion.
If retail and institutional investments continue to flow into Ethereum, a retest of the $ 4.3k ATH level could be achieved in the near term.
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Cardano (ADA) and Ripple (XRP) see significant entries
In addition to Ethereum, other digital assets that saw significant inflows were Cardano ($ 5.2 million), Ripple’s XRP ($ 4.5 million), and Polkadot ($ 3.8 million).
The report suggests that altcoins remain popular with investors, with the majority of investment inflows going into proof-of-stake coins.