Institutions Dumping Bitcoin For Ethereum: Will This Trend Continue?
Summary
Bitcoin, Ethereum, and top altcoins face bearish pressures. Despite being most liquid, Bitcoin and Ethereum are down double digits in the past week. Institutions are shifting money from Bitcoin to Ethereum, with massive inflows into spot Ethereum ETFs. BlackRock's iShares Ethereum Trust has attracted nearly $870 million in inflows. On August 6, all spot Ethereum ETFs saw inflows of over $98 million, with ETHA leading with $109 million. In contrast, all spot Bitcoin ETFs posted outflows of $148 million on the same day. This shift in demand suggests that Ethereum might reverse losses against Bitcoin in the coming days, although Bitcoin currently has the upper hand and is in a bullish breakout formation compared to Ethereum.
