Institutions dump BTC as volume soars for Ether funds
Institutional investors appear to have offloaded nearly $100 million worth of Bitcoin exposure this past week while Ether investment product volumes surged. CoinShares’ weekly Digital Asset Fund Flows report has revealed last week saw the largest Bitcoin in the report’s history as Elon Musk’s Twitter account again wreaked havoc in the crypto markets.
The May 17 report notes $98 million exited Bitcoin investment products last week, equating to 0.2% of total assets under management, or AUM. “While small, this marks the largest outflow we have recorded,” CoinShares noted.
Amid the tumultuous market conditions for Bitcoin, institutional investors appear to have ramped up their accumulation of Ether and other alternative cryptocurrencies, with the report identifying inflows to crypto asset investment products of $48 million when excluding Bitcoin. Ethereum represented more than half of flows to altcoin investment products with $27 million. Cardano and Polkadot also saw increased inflows of $6 million and $3.3 million respectively.
CoinShares also notes that May is shaping up to be the first month in which investment volume for institutional Ether products has outpaced that of Bitcoin products. The report stated: “The data impl[ies] that investors have been diversifying out of Bitcoin and into altcoin investment products.”
Digital asset investment products saw a net outflow of $50 million, marking the first week to post a net outflow since October 2020. The institutional pivot towards Ether and altcoins reflects recent trends in the broader crypto asset ecosystem, with Bitcoin market dominance sinking to a three-year low of roughly 40% as of May 17.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 62.4% | 76 | $23 195.66 | -1.29% | -1.50% | $447 262 989 624 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 69.2% | 57 | $1 649.37 | -2.09% | 2.18% | $201 839 732 133 |  |
|
| 3 |  USDT |
Tether predictions | 91.2% | 1 | $1.000217 | 0.01% | 0% | $68 079 422 781 |  |
|
| 4 |  BNB |
Binance Coin predictions | 79.6% | 38 | $328.36 | -0.90% | 4.32% | $51 848 565 385 |  |
|
| 5 |  USDC |
USD Coin predictions | 93.2% | 1 | $0.999942 | -0.01% | -0.03% | $41 988 565 849 |  |
|
| 6 |  XRP |
XRP predictions | 74.8% | 42 | $0.404201 | -2.02% | -1.97% | $20 533 036 252 |  |
|
| 7 |  BUSD |
Binance USD predictions | 91.6% | 1 | $0.999723 | -0.07% | -0.02% | $16 253 765 776 |  |
|
| 8 |  ADA |
Cardano predictions | 69.2% | 64 | $0.393348 | -2.60% | 1.16% | $13 613 460 494 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 74.8% | 51 | $0.092617 | -1.65% | 3.10% | $12 287 566 308 |  |
|
| 10 |  MATIC |
Polygon predictions | 68% | 67 | $1.21 | -2.86% | 1.52% | $10 591 629 612 |  |
|
| 11 |  STETH |
Lido stETH predictions | 92.4% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 12 |  SOL |
Solana predictions | 56.8% | 86 | $23.67 | -4.58% | -3.57% | $8 819 921 992 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 67.6% | 73 | $0.000014 | 1.35% | 19.81% | $7 914 712 336 |  |
|
| 14 |  DOT |
Polkadot predictions | 67.2% | 66 | $6.70 | -4.41% | 1.44% | $7 726 491 964 |  |
|
| 15 |  HEX |
HEX predictions | 70% | 60 | $0.041030 | -11.76% | 52.80% | $7 114 999 412 |  |
