Crypto asset manager CoinShares details a change in the way institutions allocate capital to the Bitcoin and altcoin markets. In addition, CoinShares explains which altcoin projects have fund inflows and which outflows.
CoinShares: Bitcoin has received a massive inflow of funds this week!
According to the firm’s latest report, a tidal wave of entry triggered by the launch of the first Bitcoin (BTC) ETF in the US has stabilized. The asset manager said that the crypto king saw around $268 million in new entries, compared to $1,450 billion in the previous week.
At the same time, CoinShares reported an increase in fund inflows to smart contract platforms Ethereum (ETH) and Solana (SOL). After three consecutive weeks of exits, Ethereum broke the record with an entry of $16.6 million. Solana is also on the rise, registering more than $14,700,000 in funding, compared to $8,000,000 last week.
CoinShares: Institutional money has poured funds into these altcoin projects!
Polkadot (DOT) also took the stage, registering $6,200,000 in entries compared to $400,000 the week before. Cardano (ADA) held steady at $5,000,000 compared to a total of $5,300,000 in the previous week. Litecoin had inflows this week, but Binance Coin was one of the altcoins that were exiting. According to CoinShares, as institutions target specific altcoins, they simultaneously withdraw money from multi-asset investment products. CoinShares adds the following to its explanations on the subject:
Multi-asset investment products currently saw a record outflow of US$23 million in a 3-week exit period. We believe that traders currently prefer single-line risk and are becoming more selective towards altcoin risks.
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