As it has been recently witnessed, the price of Bitcoin is down by over 20% in a week, and altcoins such as Ethereum, Cardano, and Polkadot are gaining importance in the market. Bitcoin investment products saw a record outflow last week as around $98 million worth of investment left Bitcoin products.
Digital Asset Report Reveals Bitcoin Investment Products Saw Record Outflows
In accordance with the recently published report by a leading market aggregator, the altcoins investment products gained popularity and managed to attract $48 million last week.
In contrast to Bitcoin, the second-largest cryptocurrency in the market, Ethereum managed to remain the most popular cryptocurrency among institutional investors.
This was because the Ethereum investment products witnessed inflows of around $27 million last week.
Apart from Ethereum, other altcoins such as Cardano and Polkadot witnessed a surge in the weekly inflows as both the cryptocurrencies attracted inflows worth $6 million and $3.3 million respectively.
As mentioned in the report released by the market aggregator, the:
“Outflows were solely from Bitcoin investment products which totaled $98 million or .02% of total assets under management. While small, this marks the largest outflow we have recorded. Ethereum continued to see strong inflows totaling $27 million last week. The month of May marking the first time that there have been more investment product trading volumes in Ethereum relative to Bitcoin.”
Altcoins Investment Product Witnessed Inflows
In the past week, Cardano (ADA) is up by more than 30% past seven days while Polkadot (DOT) managed to surge by 12% within the last week.
The leading cryptocurrency Bitcoin faced a recent hit by the CEO of Tesla, Elon Musk which ultimately led to the currency touching the mark of as low as $42K.
In addition to this, the latest outflows are due to the institutional investors starting to diversify their portfolios with the addition of trending and potential carrying altcoins.