Ethereum’s recent outperformance was accompanied by enormous flows into ETH exchange-traded products (ETPs), the asset manager VanEck reports.
In a new market update, VanEck says that ETH ETPs pulled in $4 billion while Bitcoin saw $600 million in outflows in the month of August, helping to push BTC dominance down from 65% to 57%.
“Ethereum ETP inflows continued in August, building on the network’s record-breaking institutional adoption in July. While dollar-denominated inflows declined from $5.5 billion in July to $4.0 billion in August, Ethereum still sharply diverged from Bitcoin, whose ETP inflows fell from $6.1 billion in July to -$600 million in August.”
As the inflows rolled in, Ethereum outperformed many other aspects of the market, including the S&P 500, Nasdaq, shares of Coinbase and other asset classes.
Source: VanEck
Blockchain tracking firm Lookonchain reported that an unknown Bitcoin OG has been dumping its coins to trade for ETH.
The whale’s latest buy brought their total ETH holdings to a staggering 886,371 ETH, which is valued at approximately $4.07 billion.
“This Bitcoin OG has sold another 2,000 BTC ($215 million) and bought 48,942 ETH ($215 million) spot [on Monday]. In total, he has bought 886,371 ETH ($4.07 billion).”
According to Lookonchain, the same whale controlling multiple wallets has been selling massive amounts of BTC to stack Ethereum over the past few weeks.
Generated Image: Midjourney
