Institutional Investor Sentiment Returns: Bitcoin (BTC) and Four Altcoins Purchased, Surprise Altcoin Sold!
CoinShares has published its weekly report on the cryptocurrency market, revealing a significant inflow of $2.2 billion last week.
Bitcoin has started the new week on an upward trajectory, with its price surpassing $69,500. This has heightened investor expectations for further gains. CoinShares’ report attributes the inflow of $2.2 billion to optimism surrounding the possibility of Republicans winning the US elections.
When analyzing individual crypto funds, it becomes apparent that the majority of the inflows were directed towards Bitcoin. A staggering $2.13 billion flowed into BTC, while Ethereum (ETH) received an inflow of $57.5 million. Additionally, the Bitcoin Short fund, which is tied to the decline of BTC, experienced an inflow of $12.3 million.
Among the other altcoins, XRP attracted an inflow of $0.7 million, Solana (SOL) received $2.4 million, Litecoin (LTC) saw $1.7 million, and Cardano (ADA) garnered $1.5 million.
The report highlights Bitcoin as the biggest beneficiary, with an inflow of $2.13 billion. Furthermore, the short Bitcoin fund saw an inflow of $12 million, the highest since March of this year. Ethereum also saw significant inflows of $58 million, while altcoins like Solana ($2.4 million), Litecoin ($1.7 million), and XRP ($0.7 million) experienced inflows.
In terms of regional fund inflows and outflows, the United States ranked first with an inflow of $2.27 billion. Australia followed closely behind with $1.4 million. On the other hand, Canada experienced an outflow of $19.9 million, while Sweden saw an outflow of $18.2 million.
Please note that this article does not constitute investment advice.
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