Other crypto assets like Cardano, XRP and Polkadot also saw significant gains
Investors took advantage of depressed market prices and purchased digital assets worth more than $74 million last week, according to a new report from CoinShares.
According to the weekly digital assets report released June 1, institutional inflows into Ethereum products totaled $46.8 million, representing roughly 63% of the week’s $74 million in total inflows.
Ethereum also reached its highest share of inflows, accounting for nearly 27% of all assets under management (AUM) during the week.
Outflows, meanwhile, were primarily concentrated in Bitcoin (BTC), which saw weekly outflows of $4 million. This marks a sharp decline from the previous week’s $110 million outflow; Bitcoin has seen $246 million in net outflows over the past three weeks.
Ethereum price climbs again amid renewed buying pressure
Demand for Ethereum increased even as overall crypto market weakness briefly reduced buying interest. ETH dipped to $2,188 over a seven-day period but has since recovered and is trading closer to $2,800.
Data from CoinGecko shows Ethereum’s price rose about 4.3% over the past 24 hours, with a current value of approximately $2,707 at the time of writing. ETH/USD remains roughly 37.9% below its all-time high of $4,356 set on May 12, 2021.
With “FUD slowly fading,” ETH could be pushed up toward $3,000 again. Strong daily trading volume — up 4.7% to $38.3 billion in the last 24 hours — may also be supporting the rally.
If daily trading activity and institutional investments continue to flow into Ethereum, a recovery toward the previous ATH near $4.3k could be achievable in the near term.
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Cardano (ADA) and Ripple (XRP) see notable inflows
Alongside Ethereum, several other digital assets recorded increased inflows, including Cardano ($5.2 million), Ripple’s XRP ($4.5 million), and Polkadot ($3.8 million).
The report indicates that altcoins remain popular with investors, and that most of the capital inflows are directed toward proof-of-stake coins.