Institutional Investors Pour Money into Bitcoin (BTC) and Two Altcoins!
Bitcoin (BTC) has been trading sideways between $67,000 and $68,000 in recent weeks, but institutional investors are still showing interest in the leading cryptocurrency. Coinshares, a digital asset management firm, reported that there was a total inflow of $185 million into cryptocurrency investment products last week.
According to Coinshares, the total inflows from the beginning of the year have now surpassed $15 billion. Bitcoin was the most favored cryptocurrency among investors, with an inflow of $148 million. However, there was a notable change in sentiment towards Ethereum (ETH), as it experienced a major turnaround and saw an inflow of $33.5 million this week.
In addition to Bitcoin and Ethereum, other altcoins also received some attention from investors. Solana (SOL) attracted an inflow of $5.8 million, Chainlink (LINK) received $1 million, and Litecoin (LTC) saw an inflow of $0.6 million.
The positive sentiment towards Bitcoin is reflected in the outflow of $3.5 million from the short BTC fund, which is tied to the decline of Bitcoin. This indicates that ETF investors still have confidence in the leading cryptocurrency.
The inflows into Ethereum mark a significant change in investor sentiment. Previously, Ethereum experienced a total outflow of $200 million over 10 weeks. However, the recent approval by the SEC of a spot ETF expected to launch in July 2024 has sparked renewed interest in the altcoin.
The positive news for Ethereum also had a ripple effect on Solana, which saw another inflow of $5.8 million last week.
In terms of regional fund inflows, the United States ranked first with an inflow of $130 million. Switzerland followed in second place with $36.8 million, and Canada ranked third with $24.6 million. On the other hand, Sweden received $5.1 million in inflows, while Brazil experienced an outflow of $4.4 million.
It is important to note that this information is not investment advice. However, it does indicate a growing interest and confidence in Bitcoin, Ethereum, and other cryptocurrencies among institutional investors.
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