Institutional Investors Turn to BTC, ETH, and Altcoin: Record Purchases in Bitcoin and Ethereum
In a recent report, Coinshares revealed that there was a significant inflow of $1.05 billion in Bitcoin and cryptocurrency investment products last week. Despite a brief drop to $67,400 due to Mt.Gox transfers, Bitcoin quickly rebounded above $68,000 when it was clarified that these transfers were not related to a sale.
Amidst a prevailing upward trend in the market, Coinshares published their weekly cryptocurrency report, highlighting the record-breaking inflow of $1.05 billion in cryptocurrency investment products. The majority of these inflows were directed towards Bitcoin ETFs, which received a staggering $1.01 billion last week.
The report also indicated a resurgence in Ethereum (ETH) investments, with Bitcoin leading the way in fund inflows. While BTC saw an influx of $1 billion, Ethereum experienced a notable turnaround with an outflow of $35.5 million. Additionally, other altcoins like Solana (SOL), Chainlink (LINK), and Litecoin (LTC) saw varying levels of inflows, while Cardano (ADA) experienced an outflow of $1.2 million.
The overall sentiment in the market appears to have turned positive, possibly influenced by favorable interpretations of the FOMC minutes and recent macroeconomic data. Ethereum, in particular, saw significant inflows of $36 million, marking its highest level since March.
Regionally, the USA led the way with an inflow of $1 billion, followed by Switzerland with $47.6 million. Meanwhile, Hong Kong received $28.6 million in inflows, while Sweden experienced an outflow of $24.6 million.
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