They Refused to Abandon Bitcoin! Institutional Investors Bet on BTC and Three Altcoins, Surprising Everyone!
This upcoming week holds immense importance for Bitcoin and altcoins as the Federal Reserve (FED) will announce its decision on June interest rates, alongside the release of inflation data from the USA. Amidst the anticipation surrounding the FED and US data in the BTC and cryptocurrency markets, Coinshares has unveiled its weekly cryptocurrency report.
According to Coinshares, there was a remarkable influx of $2 billion in cryptocurrency investment products last week, which was largely driven by expectations of an interest rate cut. This surge in investment marked a five-week total inflow streak of $4.3 billion.
While delving into individual crypto funds, it becomes evident that the majority of fund inflows were directed towards Bitcoin. BTC witnessed an impressive influx of $1.97 billion. Ethereum (ETH), the largest altcoin, also experienced significant inflows amounting to $68.9 million, likely influenced by the spot ETF news.
However, the short BTC fund, tied to Bitcoin’s decline, faced an outflow of $5.3 million. As for other altcoins, Fantom (FTM) received a modest inflow of $1.4 million, XRP received $1.2 million, and Solana (SOL) received $0.7 million.
The report highlights that Bitcoin, with its inflow of $1.97 billion, managed to once again steal the spotlight. Meanwhile, the short Bitcoin fund witnessed a consistent outflow of $5.3 million for the third consecutive week. Ethereum had its most successful week since March, with a total inflow of $69 million, which may have been influenced by the SEC’s surprising decision to allow spot ETFs. Altcoins, on the other hand, experienced minimal movement, with Fantom and XRP standing out and receiving inflows of $1.4 million and $1.2 million, respectively.
Analyzing regional fund inflows and outflows, it is evident that the USA took the lead with an influx of $1.98 billion. Hong Kong secured the second position with $26.1 million, followed by Canada with $12.7 million. Conversely, Sweden faced an outflow of $9.2 million.
Disclaimer: Please note that this information does not constitute investment advice.