Institutional investment managers bought $ 30.2 million worth of Ethereum (ETH) last week, bringing their total holdings to a record $ 13.9 billion, according to CoinShares.
Entries into Ethereum products appear to be increasing as investors devote more attention and resources to the smart contract platform. Monthly entries for ETH products totaled $ 170 million, bringing the annual total to $ 824 million. The managers now hold a combined value of $ 13.9 billion in ETH.
The weekly admissions report showed strong growth in most digital assets, with the exception of Bitcoin Cash (BCH), where admissions fell by $ 1.7 million. Weekly entries on all assets reached $ 489 million, with Bitcoin (BTC) being the highest at $ 441.7 million.
Total crypto assets under management now stand at $ 64.7 billion, a gain of around $ 7 billion over the past six weeks.
“The high flows mask varied flows between providers, with many seeing exits in Europe while their North American peers saw strong inflows,” CoinShares explained. In particular, stable weekly entries for Grayscale, decreased by $ 46 million for CoinShares and increased by $ 554.1 million for 3iQ, which operates the first Bitcoin exchange-traded fund in Canada.
Ethereum drove crypto to new highs this week, with the market cap of all assets hitting $ 2.398 billion, according to Coingecko. This is above the previous April 16 high of $ 2.343 billion.
The price of ETH has seen remarkable growth over the past week, hitting a new high above $ 3,500. The second largest cryptocurrency appears to be holding up well amid the latest correction which saw Bitcoin drop 6% and the overall market lost around $ 150 billion from the recent high.