According to a report from CoinShares, the month of May marked the first time that there has ever been more investment product trading volume in Ethereum ETH/USD than Bitcoin BTC/USD.
What Happened: The report revealed that last week’s outflows were solely from Bitcoin investment products which accounted for $98 million in assets under management.
While the $98 million represented just 0.2% of digital assets under management across crypto funds, it was also the largest outflow ever recorded.
Meanwhile, all other digital asset investment products continued to see inflows amounting to $48 million, of which $27 million of inflows were to Ethereum alone.
Why It Matters: CoinShares believes that the past week’s data is indicative of the fact that investors have been diversifying out of Bitcoin and into altcoin investment products.
“Digital asset investment products saw Ethereum trading volumes being the largest ever, trading a total of $4.1 billion for the week,” wrote CoinShares.
“We also saw inflows into other digital assets, the most popular being Cardano and Polkadot with inflows of $6 million and $3.3 million respectively.”
Price Action: Bitcoin was trading at $45,297 after losing 20% over the past seven days. Ethereum traded at $3,400, also down by 13% over the past week. Altcoins like Cardano and Polkadot were trading at $2.12 and $41.10, after gaining 24% and 10%, respectively, over the past week.
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