The Michigan State Pension Fund has invested $10 million in Grayscale's Ethereum ETFs ETHE, making it one of the top holders of the product.
What Happened: According to an SEC filing, this investment surpasses Michigan's $7 million allocation in Bitcoin BTC/USD ETFs, marking a notable shift in institutional interest.
Meanwhile, CoinShares’ report on Monday shows that digital asset investment products witnessed substantial inflows of $2.2 billion last week, pushing year-to-date inflows to a record $29.2 billion.
This spike coincides with increasing market anticipation of a potential Republican win in the U.S. presidential election.
The surge has pushed the total assets under management (AuM) in digital assets to over $100 billion, levels previously seen only in early June 2024.
Bitcoin was the primary beneficiary, securing $2.2 billion of the weekly inflows, alongside $8.9 million directed to short-Bitcoin products.
Also Read: $61,000 Is Bitcoin’ Line In The Sand For ETF Demand To Remain Steady, Says Analyst
In comparison, Ethereum ETH/USD saw comparatively modest inflows of $9.5 million, signaling more measured interest among investors.
Solana SOL/USD also gained traction, drawing in $5.7 million in inflows, while other altcoins such as Polkadot DOT/USD and Arbitrum ARB/USD recorded smaller amounts.
Regionally, the United States led with $2.2 billion in inflows, reinforcing the link between domestic political sentiment and investment behavior.
CoinShares noted that while initial enthusiasm drove the surge, minor outflows occurred on Friday as polls indicated potential shifts in the election’s outcome. This sensitivity points to the broader influence of U.S. political developments on the cryptocurrency market.
What’s Next: The implications of these institutional investment patterns and their potential impact on digital asset markets will be a focal discussion at Benzinga’s Future of Digital Assets event on Nov. 19.
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