A report from CoinShares indicates that on May 19, 2021, the volume was $490 million, where ethereum investment products accounted for $312M or 63%. The remaining $179 million or 37 % share represents bitcoin’s, litecoin’s, and XRP’s investment products cumulative trading volume. Additionally, CoinShares notes that the record volume emerged on a day marked with high market volatility. The firm, which runs two ETP platforms, XBT Provider and CoinShares Physical, adds that for the first time, bitcoin investment products are registering an outflow of capital contrary to ethereum. The platform currently controls $4.26 billion in assets under management.
Analysts predict more institutional interest in ethereum
Before the CoinShares report, analysts predicted that ethereum will record more interest, especially from institutions after they are done with bitcoin. According to Aya Kantorovich, the Head of Institutional Coverage at crypto trading platform FalconX ethereum has the ideal infrastructure for institutional investors. The projection followed ethereum’s record price of $4,358 on May 5, 2021. According to Kantrorovich: The outflows in bitcoin also correlate with the asset’s almost 50% price correction from its all-time high of $64,800 attained on April 14. After Tesla (NASDAQ: TSLA), one of the pioneer bitcoin institutional investors, suspended bitcoin payments, analysts are projecting the move might lead to skepticism among potential institutional investors. [binance]
