Crypto News: Institutional Investors Diversify to Altcoins Amid Bitcoin and Ethereum Decline
Institutional investors are turning to altcoins as Bitcoin and Ethereum face a potential decline. Coinshares recently reported a $584 million outflow in Bitcoin and altcoins, signaling a forthcoming correction.
As Bitcoin and altcoins enter the week in the red, with Bitcoin dropping below $61,000, investors are cautious about the future of the cryptocurrency market. Coinshares’ weekly report highlighted the significant outflow of $584 million in cryptocurrency investment products, indicating a possible correction.
The outflow trend continued for the second consecutive week, totaling $1.2 billion, as investors expressed skepticism about potential interest rate cuts by the FED. The additional outflow of $584 million further supports the expectation of a correction.
Bitcoin witnessed the largest outflow of $630 million, followed by Ethereum with $58.3 million. However, some altcoins like Solana, Litecoin, and Polygon saw inflows, indicating investor interest in diversifying their portfolios.
Regional fund flows showed the USA leading in outflows with $475 million, followed by Canada with $109.3 million and Germany with $23.8 million. Switzerland, on the other hand, experienced an inflow of $38.9 million.
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