Institutions HODL US$13.9B worth of Ethereum

According to the weekly report conducted by CoinShares, institutional investors bought $30.2 million worth of Ethereum (ETH) last week, resulting in the holdings to $13.9 billion in total. Month-to-date inflows for Ethereum products recorded US$170 million, together with the launch of Ether ETF in Toronto Stock Exchange (TSX), suggesting that institutions have committed to investing in ETH. Moreover, ETH price has had a remarkable growth this week, exceeding US$3500 and setting a new ATH, along with the 24 hours trading volume surpassed by Bitcoin, according to Coingecko.

Besides, Bitcoin is hovering at around US$53000 and US$58,000. Trading pairs ETH/BTC ramp up as benefit from the surge of Ethereum. Except ETH/BTC, the top 10 tokens with BTC trading pairs have positive growth, indicating that traders continuously sell Bitcoin to exchange Ether or altcoins.

Although retail traders put their eye on altcoins recently, the increase of total supply infers there could be a rebounce of Bitcoin. In the weekly on chain report published by Glassnode, the total circulating supply of stablecoin Tether(USDT) was US$51.3 billion on 3 May, and is now up to US$53 billion. Simultaneously, the stablecoin inflow causes a decline of stablecoin supply ration(SSR) at 9.6. As the low SSR is correlated with the price of Bitcoin, in addition to the growth of USDT reserve of all exchanges, according to Cryptoquant, the buying power of investors has increased, suggesting that they could trade into Bitcoin and altcoins, leading the entire market to be a mania again.

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