According to CoinShares’ latest weekly fund flow report, institutional investors selling Bitcoin prefer to collect Ethereum and 3 altcoins.
Institutional investors selling bitcoin buy ETH, SOL, XRP and MATIC
CoinShares’ November 7 report shows that cryptocurrency investment products have shrunk since last week. In the week when the Bitcoin price exceeded $21,000, crypto investment products surged $15.6. Thus, a rather low start to the new month of $19 million was made.
Bitcoin was the biggest loser for the week, with $13 million outflows. This latest loss marks a reversal of the last 7 weeks of entries. Fund outflows came especially after the Fed’s 75 basis point rate hike. Meanwhile, institutional investors have poured funds into the following cryptocurrencies at the specified rate.
- Ethereum (ETH) – $2.7 million
- XRP (XRP) – $1.1 million
- Solana (LEFT) – $200K
- Polygon (MATIC) – $200,000
In the overall picture, all crypto investment products experienced a total outflow of $15.6 compared to last week. However, with this recession period currently lasting 8 weeks, streaming activity remains very low by date.
Fund flow rate by country
On a regional basis, the USA in particular was the country with the largest institutional fund outflows. The US, Canada and Brazil saw $21 million, 2.1 million and 1.8 million dollars respectively. On the other hand, Germany provided 4 million dollars and Switzerland 6.8 million dollars.
Fund outflows were specifically focused on Bitcoin
CoinShares’ report shows that $13 million in institutional funds are moving away from Bitcoin specifically. This trend comes after the Fed raised another 5 basis points. Ethereum, on the other hand, saw $2.7 million inflows this week after 4 weeks of fund loss. XRP has raised $1.1 million in institutional funding in the last of its three-week token series. According to crypto phenom James Butterfill, the flow of funds is due to the positive news that investors will come from the lawsuit between Ripple and the SEC. cryptocoin.com We have included the current calendar of the Ripple case in this article.
XRP is trading at $0.4756 at the time of writing. It tumbled around 2% amid the SEC’s win against LBRY Credits (LBC). Meanwhile, Bitcoin and Ethereum are down around 2.14% and 1.2%, respectively. Bitcoin remained low on November 7, a day before the US midterm elections opened to flat stock performance. BTC price plunged overnight after Binance CEO Changpeng Zhao’s comments confirmed that the exchange would free itself from FTX’s in-house cryptocurrency FTX Token.
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