Large cryptocurrency holders accelerated the purchase of Ethereum

Last week was a good one for cryptocurrency investors, just like the previous 5. CoinShares analysts note the interest of institutional investors in ETH. This is an understandable tactic — many expect the second cryptocurrency to grow before Ethereum switches to the Proof-of-Stake algorithm.

Over the previous week, $ 16.3 million was invested in ETH products, and $ 8.5 million in BTC. Trusts for other cryptocurrencies either did not record changes or reported a slight increase in capitalization.
In general, the period from August 1 to August 5 was not very successful for cryptocurrency funds, with total profits of only $ 3 million. However, in six weeks, the capitalization of the products increased by $ 529 million.

Only Purpose recorded an outflow of funds — $ 48.7 million was withdrawn from its products. Other companies reported a positive balance at the end of last week. At the same time, the capitalization of ProShares funds increased by $ 16.6 million. According to the analysis, the largest outflow of funds was recorded in Canada. CoinShares analysts noted that 32 new investment products were launched in the second quarter of this year.

This is the second figure after the fourth quarter of 2021, when 33 cryptocurrency funds appeared. At the same time, the trading volume amounted to $ 1.1 billion, which is significantly lower than the average since the beginning of the year, which was $ 2.4 billion. However, analysts suggest that this may be due to the seasonal factor.