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Professional investors are warming up to Ethereum once more, as ETH-based funds get inflows for the third consecutive week.
Even though Ether (ETH) prices fell again on Wednesday, there are indications that institutional investors are warming up to the asset as the highly anticipated Merge approaches.
In its weekly analysis of the flows of digital asset funds, fund manager CoinShares revealed that Ether-based products had inflows for the third consecutive week. There was an influx of $7.6 million into institutional Ether funds, while Bitcoin (BTC) funds continued to lose $1.7 million.
About Ether funds, CoinShares remarked, “The inflows reflect a slight change in sentiment after 11 straight weeks of outflows that took 2022 outflows to a height of $460M.” It stated that the shift in opinion might be attributable to the likelihood of the Merge occurring later this year.
The Merge is a widely awaited Ethereum update that replaces the proof-of-work (PoW) consensus process with proof-of-stake (PoS). It is now preparing for the last test run, and the actual Merge is anticipated to occur before October.
Late in June, institutional investors began reinvesting in Ether-based funds during a week that witnessed record withdrawals of $423 million, most of which were from Bitcoin-based funds.
Inflows for the period totaled $14.6 million, but short Bitcoin funds accounted for $6.3 million, indicating that investors remained negative on the crypto monarch. Inflows to U.S. funds and exchanges totaled $8.2 million, with 76 percent short positions, the same proportion as the week ended July 8.
Today’s spot pricing does not reflect the increasing interest of institutional investors in Ethereum. According to CoinGecko, the current price of ETH is $1,047, down 2.9% over the previous 24 hours and down 28.2% over the past month.
Crypto Twitter has been busy arguing whether Ether should be classified as a security, with tribalism rearing its ugly head. Last week, Bitcoin maximalists agreed with MicroStrategy CEO Michael Saylor that ETH is “clearly” security.
Ethereum proponents, including co-founder Vitalik Buterin, who weighed in on the issue on Tuesday, have challenged this assertion.