Are Institutional Investors Buying Bitcoin or Altcoin? There is Activity in a Surprise Altcoin!

While Bitcoin continued its recovery towards $ 70,000 in the last two weeks after the sharp declines in July, Coinshares published its weekly cryptocurrency report.

Coinshares, which stated that it experienced $1.354 billion inflows into cryptocurrency investment products last week, said that the inflows are continuing.

“Cryptocurrency investment products have seen further buying, with $1.35 billion in inflows last week, and the last 3-week wave of inflows reaching $3.2 billion.”

Bitcoin Rise Expectation Continues!

When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.

BTC experienced inflows of $1.27 billion, representing over 90% of all inflows, while the largest altcoin, Ethereum (ETH), saw inflows of $45.3 million.

There was also an outflow of $1.9 million in the Bitcoin Short fund, which was indexed to the decline of BTC.

When we look at other altcoins, Solana (SOL) experienced an inflow of $9.6 million, Litecoin (LTC) $2.2 million, and XRP $0.5 million.

“While there was an inflow of $1.27 million into Bitcoin last week, the Bitcoin short fund saw an outflow of $1.9 million, with outflows reaching $44 million since March. This highlights the positive sentiment that has continued since the halving event in April.

The outlook for Ethereum appears to have turned a corner, as it saw another $45 million in inflows last week, surpassing Solana as the altcoin with the most inflows year-to-date (YTD) at $103 million.

Solana also saw total inflows of $9.6 million last week, but has now fallen behind Ethereum with $71 million in inflows YTD.

Litecoin was the only altcoin other than ETH and SOL to see inflows of over $1 million, with $2.2 million last week.”

When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 1.28 billion dollars.

After the USA, Switzerland ranked second with 66.3 million dollars.

Against these inflows, Germany received 5.2 million dollars; Hong Kong experienced an outflow of $1.9 million.

*This is not investment advice.

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