Institutional Investors Remain Bullish on Bitcoin! Investments Pour into BTC and Three Altcoins, with a Surprising Pick!
The upcoming week holds significant importance for Bitcoin and altcoins, as the FED prepares to announce its June interest rate decision alongside inflation data from the USA.
While all eyes are on the FED and US economic indicators in the cryptocurrency market, Coinshares has released its weekly report on cryptocurrency investments.
According to Coinshares, there was a substantial inflow of $2 billion in cryptocurrency investment products last week, driven by expectations of an interest rate cut.
“Cryptocurrency investment products have witnessed a total inflow of $2 billion, extending the streak of inflows over the last 5 weeks to $4.3 billion.”
Bitcoin (BTC) Takes the Lead!
Individual analysis of crypto funds reveals that the majority of inflows were directed towards Bitcoin.
Bitcoin saw an inflow of $1.97 billion, while the second-largest altcoin, Ethereum (ETH), also experienced inflows of $68.9 million following the news of a spot ETF.
On the flip side, there was an outflow of $5.3 million from the short BTC fund linked to Bitcoin’s decline.
Among other altcoins, Fantom (FTM) saw a modest inflow of $1.4 million, XRP $1.2 million, and Solana (SOL) $0.7 million.
“Bitcoin remained the focal point with a $1.97 billion inflow, while the short Bitcoin fund recorded an outflow of $5.3 million for the third consecutive week. Ethereum witnessed its strongest week since March, with total inflows of $69 million, likely in response to the SEC’s unexpected decision to permit spot ETFs. Altcoins saw minimal movement, with Fantom and XRP receiving inflows of $1.4 million and $1.2 million, respectively.”
Regional analysis of fund inflows and outflows revealed that the USA led the way with an inflow of $1.98 billion, followed by Hong Kong with $26.1 million and Canada with $12.7 million. Meanwhile, Sweden experienced an outflow of $9.2 million.
*Please note that this is not investment advice.
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