Michigan State Pension Fund Makes a Notable Shift, Invests $10M in Grayscale's Ethereum ETFs ETHE

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.

The Michigan State Pension Fund has disclosed an investment of $10 million in Grayscale's Ethereum ETFs (NYSE:ETHE), emerging as one of the largest holders of the product, according to an SEC filing. This move marks a significant shift from Michigan's earlier $7 million allocation in Bitcoin (NYSE:BTC) ETFs.

Meanwhile, digital asset investment products saw substantial inflows of $2.2 billion last week, pushing year-to-date inflows to a record $29.2 billion, CoinShares reported on Monday.

This surge coincides with increasing market anticipation of a potential Republican win in the U.S. presidential election. The spike has pushed the total assets under management (AuM) in digital assets to over $100 billion, levels last seen only in early June 2024.

Bitcoin was the primary beneficiary, securing $2.2 billion of the weekly inflows, and $8.9 million went into short-Bitcoin products.

In comparison, Ethereum (NYSE:ETH) saw comparatively modest inflows of $9.5 million, signaling more measured interest among investors.

Solana (NYSE:SOL) also gained traction, drawing in $5.7 million in inflows, while other altcoins such as Polkadot (NYSE:DOT) and Arbitrum (NYSE:ARB) recorded smaller amounts.

On a regional basis, the U.S. led with $2.2 billion in inflows, highlighting 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.

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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