Institutional Investors Make the Most of the Recent Market Dip: Invest Over $400 Million in Bitcoin and Two Altcoins!
Coinshares has reported a significant inflow of $441 million into Bitcoin and altcoins last week.
As Bitcoin and altcoins kick off the week on a downward trend, BTC is showing sudden movements. In the morning hours, BTC dropped to $54,000, only to rise again to $57,000 in the last few hours.
The big question on everyone’s mind is whether the BTC and cryptocurrency markets will experience a rise or fall next. Coinshares has just released its weekly cryptocurrency report, shedding some light on the situation.
According to the report, there was a total inflow of $441 million in cryptocurrency investment products last week. Coinshares believes that these declines should be seen as a buying opportunity.
“While a total of $441 million inflow was recorded in cryptocurrency investment products last week, the recent price weakness due to selling pressure from Mt. Gox and the German Government is likely to be seen as a buying opportunity,” Coinshares stated.
When it comes to individual crypto funds, Bitcoin took the lead with an inflow of $398 million. The second-largest altcoin, Ethereum, saw an inflow of $10.2 million.
Among other altcoins, Solana experienced an inflow of $16.3 million, Litecoin $0.9 million, and XRP $0.4 million.
“Bitcoin saw inflows of $398 million but unusually represented only 90% of total inflows as investors chose to invest in a much larger altcoin. The most notable of these was Solana, which saw $16 million in inflows last week. This increased year-to-date inflows to $57 million, making it the best-performing altcoin in terms of flows. Ethereum sentiment appears to have changed and is seeing $10 million inflows, but remains the only altcoin to see net outflows year-to-date,” the report explained.
In terms of regional fund inflows and outflows, the USA ranked first with an inflow of $384 million. Hong Kong came in second with $32.3 million, followed by Switzerland with $23.8 million. On the other hand, Germany experienced an outflow of $22.7 million.
It’s important to note that this article does not provide investment advice.
If you’re interested in investing in over 300 cryptocurrencies, you can register with Binance exchange using this link for a 20% commission discount.
For exclusive news, analytics, and on-chain data, make sure to follow our Telegram and Twitter accounts!
0 comments
