The director of strategy at investment firm CoinShares, Meltem Demirors, has revealed that institutional investor interest in the second-largest cryptocurrency Ethereum (ETH) is at an unprecedented level.

In an interview with Fox Business, Demirors revealed that CoinShares, which has tracked total institutional inflows into several cryptocurrencies through crypto companies and investment vehicles, received see institutional interest in ETH growing recently.

She said that CoinShares tracked weekly inflows of investors allotted to publicly listed investment vehicles last week and found most of it to go to ETH.

Last week, 80% of the inflows, or about $175 million, went into Ethereum investment products and we have never seen such massive institutional interest before.

Notably, Ethereum price broke its previous all-time high earlier this year and hit a new record high above $1,875 before suffering a correction. According to data from Coinmarketcap, ETH is currently trading at $1,773 after falling along with most other cryptocurrencies.

As reported by Daily Hodl, Demirors added that investors are allocating to cryptocurrencies other than Bitcoin to reduce the risks associated with the leading cryptocurrency. Their strategy will be to invest in other cryptocurrencies that “may have long-term potential to help diversify balance sheets.”

As for Tesla's $1.5 billion investment in Bitcoin, Demirors pointed out that the electric car market was recently added to the S&P 500 index, meaning their investment should lead to "Bitcoin coverage." will be more in corporate coffers.”

This, she said, should lead to investor awareness when it comes to cryptocurrencies, which in turn could perhaps see more investors entering the space or at least considering them.