Institutional Investors Continue to Show Interest in Bitcoin! Investing in BTC and Three Altcoins: One Surprising Choice!
Author:
Elif Azra Güven
10.06.2024 – 08:43
Update:
2 seconds ago
This week is set to be crucial for Bitcoin and alternative cryptocurrencies as the FED prepares to announce its June interest rate decision, and inflation data is expected from the USA.
Amidst the anticipation surrounding FED and US economic indicators, Coinshares has released its weekly cryptocurrency report. They revealed a significant inflow of $2 billion in cryptocurrency investment products last week, driven by expectations of an interest rate cut.
According to Coinshares, cryptocurrency investment products have witnessed a total inflow of $2 billion, extending the streak of inflows to $4.3 billion over the past five weeks.
Bitcoin (BTC) remains the primary focus in the crypto market, with a substantial inflow of $1.97 billion. Ethereum (ETH), the largest altcoin, also saw inflows totaling $68.9 million, buoyed by news of a spot ETF.
Other altcoins experienced minor inflows, with Fantom (FTM) receiving $1.4 million, XRP $1.2 million, and Solana (SOL) $0.7 million.
In terms of regional fund flows, the USA led with an inflow of $1.98 billion, followed by Hong Kong with $26.1 million, and Canada with $12.7 million. However, Sweden saw an outflow of $9.2 million.
Overall, Bitcoin continues to attract institutional investors, while altcoins like Ethereum, Fantom, and XRP also garnered attention. It remains to be seen how these investments will impact the cryptocurrency market in the coming weeks.
*Disclaimer: This is not investment advice.
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