The latest weekly report from CoinShares shows that smart money is acting early as the cryptocurrency market rises. Bitcoin (BTC) has recorded the largest single-week entry since November 2021. Institutional investors are also buying altcoin projects like Ethereum and Solana.
Weekly fund flows of the cryptocurrency market
Cryptocurrency investment products have seen $30 million inflows since last week. This amount was the largest single-week entry since November 2021. Bitcoin saw a total of $19 million in inflows last week. Thus, institutional entries for Bitcoin reached the largest single-week amount since May 2022. On the other hand, Ethereum has raised a total of $8 million in institutional funds. Since last month, the flow of funds for Ethereum products has reached $137 million. In the same time frame, Bitcoin recorded $221 million inflows. Thus, the flow of funds for Bitcoin and Ethereum reached the highest level since June 2021.
Switzerland becomes the region of choice for cryptocurrency investors
All crypto investment products saw a total inflow of $27 million last week. Thus, the biggest single-week entry since November 2021 was recorded. Inflows were $394 million and total assets under management (AuM) returned to $30 billion in early June 2022. Regionally, most of the entries came from Switzerland, which saw entries totaling $356 million in the previous week, totaling $16 million.
Meanwhile, Switzerland has become the preferred region for crypto investors, with $577 million in year-to-date entries. Last week saw small inflows of $9 million and $5 million respectively in both the US and Germany.
Institutional investors are buying from these 3 altcoin projects
Ethereum saw a total of $8 million in entries on its weekly timeframe. Thus, the total has reached $120 million since last month. It also shows that investor confidence is slowly recovering as the Merge continues to complete.
Solana is one of the altcoin projects that has garnered institutional attention, with $1.8 million in inflows. Cardano recorded lower fund inflows relative to Solana and Ethereum during this timeframe. Binance, Litecoin, Tron, and XRP, meanwhile, remained in the neutral zone.
The cryptocurrency market had the opportunity to recover more than 15% in the week stretching from 18 to 24 July. This momentum helped Bitcoin reach $24,000 and Ethereum to $1,600. cryptocoin.comAs you follow, most cryptocurrencies are currently trying to maintain these levels.
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