Institutional Money Entered This 7th As It Exited This Altcoin Project!

Crypto asset manager CoinShares said last week that crypto markets have seen the largest influx of institutional capital ever recorded. The company emphasizes that huge funds are flowing into some altcoin projects. We have compiled the details for you, let’s examine the subject together…

CoinShares: Cryptocurrency investment products set a record!

Crypto company CoinShares says its crypto investment products have shattered both weekly and annual capital flows records by a large margin. CoinShares adds the following to its explanations on the subject:

Cryptocurrency investment products saw a total of $1.47 billion in inflows last week, the largest on record by a substantial margin. The previous weekly record was set earlier this year in February, with a total inflow of US$640 million. Year-to-date entries now stand at US$8 billion, far exceeding the record US$6.7 billion in 2020.

CoinShares: Bitcoin ETF enthusiasm brings funds to market!

CoinShares says the positive sentiment stemming from the launch of the new ProShares Bitcoin futures exchange-traded fund (ETF) is responsible for the surge in Bitcoin (BTC). CoinShares adds the following to its explanations on the subject:

Bitcoin saw 99% of total inflows last week, at $1.45 billion. The record inflows were a direct result of the U.S. Securities and Exchange Commission allowing a Bitcoin ETF to invest in futures, and as a result listing two Bitcoin investment products with total entries of $1.24 billion. Entries in Bitcoin products were also seen in other regions for a total of $138 million. But there is also evidence of profits being made as outflows have been seen in some legacy investment products.

Source: CoinShares

As institutional money exits this altcoin project, it has entered the 7th!

Looking at the altcoin market, the asset manager says that the most notable cryptocurrencies to see inflows are smart contract platforms Solana (SOL) and Cardano (ADA), and cryptocurrency exchange Binance’s token BNB. Solana and Cardano saw entries of $8.1 million and $5.3 million, respectively, while BNB recorded $1.3 million. Other altcoins that have seen a small inflow of funds are XRP, LTC, BCH and DOT. This week, Ethereum was one of the altcoin projects that saw a fund outflow.

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