Institutional Investors Make the Most of the Recent Market Decline! They Invested Over $400 Million in Bitcoin and Two Altcoins!
According to Coinshares, there was a total inflow of $441 million into Bitcoin and altcoins last week.
Bitcoin and altcoins have started the week on a downward trend, but Bitcoin has shown sudden movements. In the morning, BTC dropped to $54,000, but it has since risen back up to $57,000.
What can we expect for the future of BTC and the cryptocurrency markets? Coinshares has released its weekly cryptocurrency report to shed some light on the situation.
Coinshares states that there was a $441 million inflow into cryptocurrency investment products last week, and they believe that the recent price weakness caused by selling pressure from Mt. Gox and the German Government presents a buying opportunity.
When looking at individual crypto funds, it is clear that the majority of fund inflows were in Bitcoin. BTC saw an inflow of $398 million, while the largest altcoin, Ethereum (ETH), saw an inflow of $10.2 million.
In terms of other altcoins, Solana (SOL) experienced an inflow of $16.3 million, Litecoin (LTC) saw an inflow of $0.9 million, and XRP saw an inflow of $0.4 million.
Coinshares notes that Bitcoin accounted for 90% of the total inflows, which is unusual as investors usually choose to invest in a larger altcoin. However, Solana has been a standout performer, with $16 million in inflows last week and a total of $57 million inflows year-to-date.
While Ethereum has seen a change in sentiment and $10 million in inflows, it remains the only altcoin to see net outflows year-to-date.
In terms of regional fund inflows and outflows, the USA saw the highest inflow with $384 million. Hong Kong ranked second with $32.3 million, and Switzerland ranked third with $23.8 million. On the other hand, Germany experienced an outflow of $22.7 million.
Please note that this article is not investment advice.
If you want to invest in over 300 cryptocurrencies, you can register with Binance exchange using this link for a 20% COMMISSION DISCOUNT!
For exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.
Get notified when someone replies to my comment.
Name:
Email:
Notify me of new comments via email.
