Institutional investors have once again turned to Bitcoin (BTC), Ethereum (ETH), and other altcoins, resulting in a record-breaking influx of $1.05 billion in Bitcoin and cryptocurrency investment products last week, according to Coinshares. Despite a drop in Bitcoin price due to Mt.Gox transfers, it quickly rebounded above $68,000 after it was clarified that these transfers were not a sale.
In its weekly cryptocurrency report, Coinshares revealed that the majority of the inflows went to Bitcoin ETFs, which received $1.01 billion. This marked the third consecutive week of significant inflows, bringing the total inflows for the year to a record-breaking $14.9 billion.
When analyzing individual crypto funds, Bitcoin dominated with an inflow of $1 billion. However, Ethereum experienced a notable turnaround, with an outflow of $35.5 million. The short BTC fund also saw an outflow of $4.3 million, while other altcoins such as Solana (SOL) and Litecoin (LTC) experienced inflows of $8 million and $2.8 million respectively. On the other hand, Cardano (ADA) experienced an outflow of $1.2 million.
The positive sentiment among investors can be attributed to the interpretation of the FOMC minutes and recent macro data as dovish. Additionally, the approval of ETH ETFs in the US led to a significant inflow of $36 million into Ethereum, marking its highest level since March.
In terms of regional fund inflows and outflows, the US led with an inflow of $1 billion, followed by Switzerland with $47.6 million. Hong Kong received $28.6 million, while Sweden experienced an outflow of $24.6 million.
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