Ethereum's recent outperformance has been accompanied by a huge trend towards ETH Exchange-Traded products (ETP), reported Asset Manager.
With the new market update, Vaneck says ETH ETP pulled in $4 billion and Bitcoin saw a $600 million spill in August, helping to push BTC's control down from 65% to 57%.
“The Ethereum ETP inflow continued in August, built on the network's record facility adoption in July, while falling from $5.5 billion in July to $4 billion in August.
When the influx got caught up, Ethereum outperformed many other aspects of the market, including the S&P 500, NASDAQ, Coinbase stocks and other asset classes.
Source: Vaneck
Blockchain tracking company Lookonchain has reported that an unknown Bitcoin OG is dumping coins to trade with ETH.
The latest purchase of whales has brought total ETH holdings to an astounding 886,371 ETH. This is valued at around $4.07 billion.
“This Bitcoin OG sold an additional 2,000 btc ($215 million) and bought a spot of 48,942 ETH ($215 million) (Monday).
According to Lookonchain, multiple wallets controlling the same whale have sold a huge amount of BTC to stack Ethereum over the past few weeks.
Generated Image: Midjourney
