Halfway through last month, a report from CoinShares revealed that there was a huge outflow of bitcoin (BTC) investments. Large institutional investors took their money from bitcoin positions and reinvested it in altcoins. The most important of these altcoins was, of course, ether (ETH). More than $48 million dollars was invested in ether at the time at the expense of bitcoin.
Once again CoinShares comes out with a report that shows a similar trend this time around. In the past week, institutional investors have invested more than $74 million in cryptocurrencies. A majority of 63% of this amount flowed into ether. This means that 27% of the assets under management (AUM) of large institutional players now consists of ether.
Not only ether saw large investments from such institutional investors. Cardano (ADA), Ripple (XRP) and Polkadot (DOT) also saw large influxes of institutional money.
The influx to ether has grown so much in the past month that this amount has overtaken the influx of bitcoin. In total, only $47.9 million was invested in bitcoin by institutional investors. A whopping $147.7 million was invested in ether over the past month. That’s quite a difference. Bitcoin is still above ether by a factor of four throughout the year.
This trend is also fueling the discussion and prediction of some that eventually ether will overtake bitcoin. The so-called ‘Flipping’. The fact remains, of course, that ether is currently more popular than bitcoin. For the first time this month, we saw that the trading volume of ether exceeded that of bitcoin.
Of course, a lot still needs to happen before the much-discussed and controversial Flippening actually takes place. And even in the most optimistic scenario, it will still take quite some time. The fact remains, ether has been gaining popularity for quite some time and judging by the recent CoinShares report, this trend does not appear to be slowing down.