Digital asset manager CoinShares says that institutional demand for Ethereum continues to soar this year as inflows near the $1 billion mark.
According to their new weekly report, financial institutions have scooped up approximately $973 million worth of ETH since the beginning of 2021.
CoinShares also notes that Ethereum has seen net inflows for the third week in a row, this time totaling over $11 million.
“Ethereum saw its 3rd consecutive week of inflows, with last week’s inflows totaling $11.70 million. This brings year-to-date inflows close to the $1 billion mark.”
As for Bitcoin, the world’s biggest crypto by market cap finished a second consecutive week of outflows from institutions, according to CoinShares.
“After a few weeks of inflows into Bitcoin, we have seen outflows for the last two weeks, with outflows last week totaling $10.40 million. These outflows are minimal relative to the significant outflows witnessed in May and June this year. Furthermore, we believe the timing