The latest trends on the crypto universe show that Proof-of-stake cryptocurrencies are appealing to investors, with Ethereum leading the pack.
While the market decline may not be over yet, new research from analytics firm Coinshares suggests that prices have returned to levels where stock market investors are exhibiting renewed interest in digital asset funds.
Multiple funds have begun to receive net inflows following several weeks of record withdrawals in the aftermath of a crushing, market-wide cryptocurrency dropoff, according to a report published yesterday by Coinshares. Legacy markets invested a total of $74 million in crypto investment vehicles, though not all of them showed promise
Crypto Rises Agian
Bitcoin products were among the worst performers, with $4 million in net outflows, despite some analysts predicting a price of $16,000 per BTC.
Altcoins, particularly those more environmentally friendly proof-of-stake altcoins, performed well, according to the report, with Cardano, Ripple, and Polkadot funds each receiving more than $3 million in inflows.
The report’s main character though, is Ethereum. Inflows into ETH vehicles totaled $47 million, accounting for the majority of net digital asset fund investments and reinforcing ETH’s vehicle market dominance.
More Good News
Investors’ positive stance on the asset follows a slew of positive reports from university and institutional finance research desks. Both the University of Pennsylvania and Goldman Sachs published research this week pushing for Ethereum as a store of wealth, citing its importance to the DeFi ecosystem as one of the reasons
There are a lot of technical improvements and headwinds in the horizon for the world’s largest layer-one smart contract platform.
Arbitrum, a layer-two scaling solution, was launched shortly ago with a cautious take away: the long-awaited gas charge reform, as well as a faster move to a proof-of-stake consensus model. Arbitrum believes these two will be live later this year.