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 | 87.2% | 21 | $63 222.21 | -4.84% | -10.57% | $1 244 460 776 172 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 84% | 29 | $3 107.39 | -4.31% | -14.80% | $373 105 940 961 |  |
|
| 3 |  USDT |
Tether predictions | 96% | 1 | $1.000549 | -0.05% | 0.02% | $107 787 153 856 |  |
|
| 4 |  BNB |
Binance Coin predictions | 86.8% | 16 | $550.52 | -4.52% | -4.46% | $82 321 599 302 |  |
|
| 5 |  SOL |
Solana predictions | 75.2% | 40 | $133.84 | -11.90% | -24.89% | $59 775 391 883 |  |
|
| 6 |  USDC |
USD Coin predictions | 96% | 2 | $1.000146 | 0% | 0.02% | $32 463 532 376 |  |
|
| 7 |  XRP |
XRP predictions | 80% | 32 | $0.498517 | -3.14% | -18.33% | $27 478 218 222 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 72.4% | 60 | $0.156895 | -6.17% | -20.50% | $22 577 877 703 |  |
|
| 9 |  TON |
Toncoin predictions | 75.2% | 53 | $6.36 | -10.06% | -6.68% | $22 067 067 666 |  |
|
| 10 |  ADA |
Cardano predictions | 73.6% | 48 | $0.457786 | -3.03% | -25.23% | $16 304 235 047 |  |
|
| 11 |  AVAX |
Avalanche predictions | 68.4% | 60 | $35.67 | -5.63% | -26.56% | $13 479 745 680 |  |
|
| 12 |  SHIB |
SHIBA INU predictions | 62.4% | 85 | $0.000022 | -7.64% | -23.54% | $12 865 282 436 |  |
|
| 13 |  STETH |
Lido stETH predictions | 92.4% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  WBTC |
Wrapped Bitcoin predictions | 87.6% | 21 | $63 523.77 | -4.33% | -9.96% | $9 863 210 540 |  |
|
| 15 |  TRX |
TRON predictions | 86% | 13 | $0.111588 | -2.99% | -8.59% | $9 778 717 599 |  |
