While Bitcoin (BTC) has struggled to surpass the $30,000 levels for a while, there has been a small net outflow from institutional funds in the cryptocurrency market.
According to the data shared on the official blog page of Coinshares, the institutional funds in the crypto money market for 4 weeks in a row. $742 million last week after fund inflow $6.5 million small amount worth there is a clear exit specified.
While Bitcoin (BTC) is again the biggest factor affecting funds 13 million dollars exit was noted. On the other hand, Ethereum (ETH), which had a fund outflow last week, also continued this week. to act against the general continued. Ethereum this week $6.6 million He held the lead with the entry.
Outflows from the short Bitcoin fund $5.5 million with to week 13 stretched out.
The effect of the XRP decision has begun
The decision in favor of XRP in the US Securities and Exchange Commission (SEC) case with Ripple, which was not felt last week, showed its effect this week. Despite the exit from Bitcoin funds Ripple to their funds 2.6 million dollar entry was made. Moreover to Solana (LEFT) $1.1 million to Cardano (ADA) if 700 thousand dollars value of money was received.
On the other hand, for some time USA And Canada led the way in fund outflows this week. Switzerland 12 million attracting attention with its dollar fund inflow Germany And from brazil There were minor entries.
Preparing for altcoin season?
Trading manager of Genesis Trading, a subsidiary of Digital Currency Group (DCG), a giant investor in the cryptocurrency market Gordon GrantAfter the decision in favor of XRP in the lawsuit between the SEC and Ripple, the altcoin had given a bull signal in the past days. Grant, Ripple on the market with the Bitcoin dominance is broken He said that money would flow to altcoins.
It supports Grant’s thoughts that while institutions are exiting Bitcoin funds, inflowing money into altcoins.