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.
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.
