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 | 67.6% | 59 | $103 090.04 | 7.54% | 7.84% | $2 040 210 476 450 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 72% | 57 | $3 836.90 | 4.67% | 6.55% | $462 123 587 518 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $1.000611 | -0.01% | -0.02% | $135 773 947 858 |  |
|
| 4 |  XRP |
XRP predictions | 60% | 90 | $2.25 | -11.83% | 53.63% | $128 425 622 061 |  |
|
| 5 |  SOL |
Solana predictions | 70.8% | 62 | $233.16 | -1.99% | -2.99% | $110 833 879 897 |  |
|
| 6 |  BNB |
Binance Coin predictions | 84.8% | 25 | $714.72 | -5.07% | 9.56% | $102 925 874 853 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 64% | 77 | $0.438799 | 5.41% | 6.97% | $64 533 538 083 |  |
|
| 8 |  ADA |
Cardano predictions | 58% | 87 | $1.18 | -2.83% | 17.06% | $41 330 413 929 |  |
|
| 9 |  USDC |
USD Coin predictions | 95.2% | 1 | $0.999875 | -0.01% | 0.01% | $40 710 275 845 |  |
|
| 10 |  TRX |
TRON predictions | 74% | 48 | $0.315468 | -19.00% | 57.65% | $27 219 987 446 |  |
|
| 11 |  AVAX |
Avalanche predictions | 62.4% | 86 | $50.93 | -2.17% | 17.89% | $20 846 497 893 |  |
|
| 12 |  SHIB |
SHIBA INU predictions | 72.4% | 51 | $0.000031 | 4.01% | 20.77% | $18 338 952 316 |  |
|
| 13 |  TON |
Toncoin predictions | 65.2% | 78 | $6.75 | -1.91% | 6.74% | $17 203 006 453 |  |
|
| 14 |  DOT |
Polkadot predictions | 57.2% | 91 | $10.25 | 2.52% | 24.55% | $15 631 722 248 |  |
|
| 15 |  LINK |
Chainlink predictions | 57.6% | 88 | $23.58 | -1.83% | 30.47% | $14 783 602 206 |  |
