Bitcoin Endorsement by Peter Diamandis Remains Unsubstantiated

Peter Diamandis, Executive Founder of Singularity University, has reaffirmed his personal commitment to Bitcoin, stating it is his largest holding. However, there is no substantial evidence of a $400 million investment or institutional shift by Singularity University. Investors remain cautious without institutional confirmation. Diamandis' endorsement highlights ongoing Bitcoin interest, but lacks corroborative institutional action or quantifiable crypto investments, impacting only market sentiment.

In late August, institutional investors demonstrated a significant shift in their cryptocurrency preferences, with Ethereum exchange-traded funds (ETFs) outperforming Bitcoin ETFs. According to data from SoSoValue, U.S. spot Bitcoin ETFs ended a six-day outflow streak with $219 million in net inflows on August 25, led by Fidelity, BlackRock, and ARK Invest [1]. Meanwhile, Ethereum ETFs recorded $443.9 million in single-day inflows, with BlackRock’s ETHA leading at $314.9 million [1].

The turnaround in Bitcoin ETFs was a notable reversal from the previous six trading days, during which $1.18 billion in outflows occurred, with the largest single-day outflow on August 19 at $523.31 million [1]. In contrast, Ethereum ETFs saw cumulative inflows of nearly $13 billion since their debut earlier this year, compared to $54 billion for Bitcoin ETFs [1].

The disparity in investor sentiment was evident in the diverging flow patterns. While Bitcoin ETFs saw a modest rebound, they remained significantly behind Ethereum in terms of institutional interest. Over the past week, Ethereum ETFs added $1 billion in inflows, while Bitcoin ETFs recorded $1.18 billion in outflows [1]. James Butterfill, head of research at CoinShares, attributed this shift to "increasingly polarized" investor sentiment around U.S. monetary policy [1].

The momentum for Ethereum ETFs continued despite broader market turbulence. Over the past month, Ethereum ETFs saw four days of sustained outflows totaling $925.83 million, but institutional investors remained bullish, with inflows resuming and driving Ethereum to an all-time high of $4,953 on August 23 [1]. In comparison, Bitcoin ETFs struggled to recover from a week of outflows following a market correction that saw BTC drop 11% from its August 14 high of $124,128 to $110,186 [1].

Analysts noted the growing preference for Ethereum over Bitcoin among institutional investors, with Ethereum ETFs now representing 5.49% of ETH’s market cap, while Bitcoin ETFs represented 6.58% of BTC’s market cap [1]. The disparity suggests that investors are treating dips in Ethereum as buying opportunities, whereas Bitcoin’s price decline has not been met with the same level of enthusiasm [1].

Despite the positive trend for Ethereum, the broader altcoin market remains under pressure, with mixed flows across other cryptocurrencies such as XRP, Solana, and TON [1].

References:
[1] https://www.ainvest.com/news/bitcoin-news-today-institutional-investors-shift-alliances-ethereum-etfs-outpace-bitcoin-confidence-cash-2508/