Institutional investors had shown bearish sentiment towards Ethereum for the longest time. The second-largest cryptocurrency by market capitalization, which initially caught their attention, was not doing as well as expected, and the ensuing outflows were massive. However, it looks like the sentiment among these big investors is starting to turn positive as Ethereum has started seeing inflows.
Ethereum entry balloons
Over the past few weeks, Ethereum admissions increased. Although they were far from the volumes that had been seen during the bull market, this had ended more than 2 months of consecutive outflows for the digital asset.
Last week would be no different, given that Ethereum inflows were $8 million, a low volume, but it was inflows nonetheless. But the biggest inflows came in the previous week, when the digital asset was initially recorded to have seen inflows of $2.5 million.
Related Reading | Over 57,000 traders liquidated as Bitcoin drops below $22,000
Corrected figures that emerged this week showed that not only was that number too low, but that it was off by more than $100 million. When the corrected data was released this week, it showed that inflows into ETH had reached $120 million in that one-week period, meaning it was the largest inflow ever. from one week to one year.
This speaks to the changing sentiment of institutional investors towards the altcoin. With the planned merger rapidly approaching, bullish sentiment has swept through investors large and small, prompting more investment in the digital asset.
A week of influx
Ethereum was thankfully not the only cryptocurrency to mark another week of influx. The bullish sentiment had spread to almost all spheres of the crypto market and investors had reacted accordingly. So, from bitcoin to digital asset investment products, inflows have continued.
Related Reading | Ethereum Weekly Trading Net Flow Indicates Growing Accumulation Trend
Bitcoin had seen one week or another of inflows, with $16 million recorded last week. Much like Ethereum, bitcoin’s numbers for the previous week were incorrect and the corrected data showed a much higher inflow rate for the previous week at $206 million in total. The inflow trend was not limited to just long bitcoin, although short bitcoin continued its streak with $0.6 million in inflows.
Digital asset investment products would turn out to be the big winners of the week with inflows of $27 million. Total assets under management were not pushed back to $30 billion with last week’s inflows. Europe also accounted for the majority of admissions, with Switzerland alone registering $16 million last week. The United States and Germany would see lower inflows of $9 million and $5 million.
What this data shows is how investors are looking to the market with the recent rally. However, given the recent price drop, it remains uncertain whether entries will continue for the new week.
Featured image from News Text Area, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…