The fund flow report for the week of April 17 showed that Ethereum, which completed a significant upgrade, is raising funds, while institutional investors are moving away from Bitcoin and XRP.
As Bitcoin (BTC) climbs to $30,000, institutional investors prefer to take profits
Cryptocurrency investment products saw $30 million in outflows during the week of April 17, according to CoinShares’ weekly fund flow report. Thus ended the last 6 weeks of introductory flow.
In particular, institutional interest was reaching a very high level as Bitcoin climbed to $ 30,000 in the week of April 10. Last week’s market correction confirms that institutional investors prefer to take profits, as a result of which the BTC price is suppressed downwards.
Cryptocurrency fund flow report for the week of April 17
Cryptocurrency investment products saw a total outflow of $30 million last week, ending 6 weeks of inflows. The outflows started the previous Friday (April 14) as Bitcoin hit a key psychological high of $30,000, suggesting that the latest sell-off was the result of profit-taking, especially in the absence of any macroeconomic triggers.
Profit taking has focused on Bitcoin, which saw a total of $310 million in inflows in the previous 4 weeks, but a total outflow of $53 million last week. Very small inflows of $1.5 million were seen in Short Bitcoin products. Along with BTC, the only altcoin that lost funds was XRP.
Institutional money from Bitcoin and XRP flowed into these altcoins
The data provides some good news for Ethereum, which saw a total of $17 million in inflows last week. These flows indicate a growing confidence among investors following the successful implementation of the Shapella upgrade. Interestingly, the entries were only from Europe.
Solana (SOL) and Litecoin (LTC) manage to stay positive with minor entries in the week as Bitcoin tumbled from critical resistance level. According to CoinShares’ weekly fund flow report, the cryptocurrencies that raised the most funds during the week of April 17 were as follows:
- Ethereum (ETH): +16.8 million dollars
- Solana (LEFT): +$0.7 million
- Litecoin (LTC): +0.2 million dollars
- Tron (TRX): Stable
- Cardano (ADA): Stable
- XRP (XRP): -$0.4 million
Meanwhile, Polygon saw $1 million in total inflows for another week, and its total assets under management (AuM) was the 4th largest after Solana, which saw $0.74 million in inflows last week.
Fund flow by country
Regionally, the profit-making came almost entirely from North America, where outputs totaled $54 million. This was offset by continued optimism, which saw inflows totaling $29 million in Germany.
cryptocoin.comAs you follow, the BTC price dropped over $30,000 last week. In the meantime, INJ, SOL and STG were among the altcoins that lost high trading volume.
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