Institutional Investors Shift Focus to Bitcoin (BTC) and These Three Altcoins Following CPI Data! They Invested Millions!
According to Coinshares, there was a total inflow of $932 million in Bitcoin and cryptocurrency investment products last week.
As Bitcoin hovers between $66,000-$67,000, investors are eagerly awaiting the SEC’s decision on spot Ethereum ETF applications. Despite expectations of rejection, Coinshares released its weekly cryptocurrency report.
The report revealed that the inflow of $932 million in cryptocurrency investment products was driven by the anticipation of an interest rate cut and positive CPI data. The majority of the inflows occurred during the last three trading days of the week, accounting for 89% of the total flows.
Grayscale, which had experienced $16.6 billion in outflows since its ETF launch in January, also saw small inflows for the first time.
In terms of individual crypto funds, Bitcoin received the majority of the inflows with $942 million. However, Ethereum continued to experience outflows, with $23.3 million leaving the market. The short BTC fund, which is linked to Bitcoin’s decline, saw an inflow of $0.6 million.
Among other altcoins, Chainlink received an inflow of $3.7 million, Cardano $1.9 million, and Solana $4.9 million.
The inflows were not limited to specific regions, as the USA ranked first with an inflow of $1 billion. Switzerland followed in second place with $27.1 million. On the other hand, Hong Kong received $82.5 million in inflows, while Kamada experienced an outflow of $16.7 million.
Please note that this article does not constitute investment advice.
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