The cryptocurrency market continues to attract intense interest from institutional investors lately. According to the report published by CoinShares, there was an inflow of $862 million into cryptocurrency investment products in the week ending March 29, 2024. The largest entries were in Bitcoin and various altcoins. Surprisingly, Ethereum (ETH) saw an outflow of $18.9 million. Here are the details…
CoinShares announced: Investors are selling Ethereum and several altcoins
The cryptocurrency market continues to attract intense interest from institutional investors lately. A high level was reached last week with an inflow of $862 million. While the majority of these investments concentrated on Bitcoin, outflows from Ethereum attracted attention. According to the report, critical data are as follows:
Flows by Investor Types:
- Institutional Investors: $862 million inflow
Flows by Geographic Regions:
- USA: $897 million entry
- Canada: -$20.3 million outflow
- Europe: -$15.6 million outflow
- Brazil: $63 million entry
- Australia: $14.1 million entry
Flows by Assets:
- Bitcoin: $865 million entry
- Short Bitcoin: $2 million outflow
- Ethereum: -$18.9 million exit
- Multi-Asset: -$2.6 million exit
- Solana: $6.1 million entry
- Binance Coin: 500 thousand dollars exit
- XRP: 300 thousand dollars entry
- Cardano: $1.1 million entry
- Polkadot: $2.4 million entry
Institutions about the crypto market
In particular, the information in the report clearly shows the interest of institutional investors in the cryptocurrency market. Large inflows from the US show that cryptocurrencies are playing an increasingly important role in the global financial system. Bitcoin remains the most attractive asset for institutional investors. According to the data in the report, $865 million inflow was made into Bitcoin. So this accounts for more than 99% of the total entries. On the other hand, the $18.9 million outflow from Ethereum is noteworthy.
As a result, although this does not mean that Ethereum has lost its appeal for investors, it does show that Bitcoin is perceived as a safer investment. In addition, altcoins such as Solana, Cardano and Polkadot are also on the radar of institutional investors. According to the data in the report, a total of 9.6 million dollars were entered into these altcoins. This shows that institutional investors are starting to invest not only in Bitcoin and Ethereum, but also in other cryptocurrencies.
As a result, the interest of institutional investors in the cryptocurrency market is increasing day by day. While Bitcoin stands out as the cryptocurrency that attracts the most attention, outflows from Ethereum are noteworthy. Altcoins such as Solana, Cardano and Polkadot are also on the radar of institutional investors. This trend is expected to continue in the coming period and the cryptocurrency market is expected to grow further.
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