Last week ended with a sense of confidence across the investor market as Bitcoin became the favoured investment choice at the expense of Ethereum. This is according to data from crypto asset management firm Coinshares.
According to Coinshare’s weekly report in digital asset flows, Bitcoin (BTC) saw inflows of $69 million last week. This marked the third positive week of flows for BTC , after having suffered from the “longest run of outflows on record” earlier this year.
Ethereum (ETH) saw less than a third of the funds that were seen by BTC. Ethereum experienced an inflow of $20 million last week.
The stronger inflows into BTC meant that the number one digital asset took valuable market share from ETH. Ethereum’s market share for the investment products covered has fallen from 28% to 25% last week. During the same week, flows into BTC increased by 38% while flows to ETH dropped by 45%.
Other digital assets
Last week was positive for a range of digital assets, including BTC. Only two other digital assets saw outflows. Binance Coin (BNB) and Polkadot (DOT) both saw outflows that lost them each $0.8 million.
Digital asset investment products saw total inflows of $90 million last week, making it the seventh consecutive week of fund inflows for the industry. However, volumes remain fairly low at $2.4 billion for the week.
Two weeks ago, a report from investment banking giant JP Morgan suggested that increasing institutional interest in Ethereum would be at the expense of Bitcoin. The latest trend of inflows into BTC marks a change from these findings.
So far this week, the price of Bitcoin has continued to strengthen and even teased the important $50,000 mark for the first time since the beginning of September. Earlier this morning, the coin was up 5% while Ethereum was up just 2%.
