Ethereum: Shapella Upgrade Boosts Confidence Among Institutional Investors
According to the latest Digital Asset Fund Flows Weekly Report from CoinShares, institutional investors are increasingly investing in Ethereum (ETH) after its successful Shapella upgrade.
CoinShares reports that institutional ETH investment products received inflows of $17 million last week, indicating investor confidence in the platform.
In addition to Ethereum, multi-asset institutional investment products received inflows of $1.5 million, while MATIC, SOL, and LTC products took in $1 million, $0.2 million, and $0.7 million, respectively.
However, despite these inflows, the digital asset investment products experienced an outflow of $30 million, with Bitcoin (BTC) being hit the hardest, losing $53.1 million last week.
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Despite this, over the last four weeks, BTC institutional investment products remain up by more than $250 million. The report also notes that there were very minor inflows in short-Bitcoin of $1.5 million.
Overall, Ethereum’s recent Shapella upgrade appears to have boosted institutional investor confidence in the platform, leading to increased investments during the cryptocurrency market as a whole experienced significant outflow.
At the time of writing ETH is trading at $1,816 after a 13.7% drop in the past week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
