Over the past week, almost $14 million have been invested into BTC funds but the same is not the case for Ethereum. Both have fierce competition as ETH has been called the BTC killer on many occasions.
But many institutional funds investors are now preferring BTC as a stable coin instead of Ethereum. Even though ETH2, an upgraded version of the blockchain, is right around the corner investors seem to be shying away from the coin.
CoinShares a Digital Assets Fund Flows published the report in which it was shown that BTC has started showing inflows while ETH still showed outflows. This is the first time in 2022 that there has been an inflow in Bitcoin.
Many have said that this is because people have been buying during the dip and getting a great price for entering the crypto space. Experienced investors also have been buying on the dip before the price starts rising again.
While Bitcoin has seen an inflow of $13.8 million, Ethereum has seen an outflow of $15.6 million. This strongly suggests that the bear market is affecting the ETH coin more than BTC.
In the last seven weeks itself, ETH has had a total outflow of $245 million. BTC slumped down to $33k on Monday but made a 10% recovery in the following days. This shows the resilience of the world’s most popular cryptocurrency. The poster boy for crypto shows why it is one of the most sought-after coins in the world DeFi and how it is also one of the most stable ones.