Institutional investors bought Bitcoin, ETH and many altcoins. Bitcoin (BTC) investment products received more than 85% of total inflows last week, with inflows of approximately $229 million, while Ethereum saw $17.5 million in inflows. Crypto investment products saw total inflows of $767 million for the sixth consecutive week. This exceeded the total crypto fund inflows of 2022. Crypto investments have increased significantly in six weeks. This shows that smart money is starting to enter the crypto ecosystem.
Smart money is coming back to the cryptocurrency market!
Fresh money is entering the crypto market as Bitcoin (BTC) trades near $35,000. There was a total inflow of $261 million into crypto investment products last week. Exchange-traded products (ETPs) and crypto investment vehicles are important tools for institutional investors and other large investors to invest in crypto. They prefer crypto investment products directly due to regulatory challenges or other accounting-related reasons.
According to the CoinShares report, there was an inflow of $261 million into crypto investment products last week. However, this also marked the sixth consecutive week of positive net investments. There was a total inflow of 767 million dollars in these six weeks. Interestingly, this is more than the total crypto fund inflow for the whole of 2022, which is $736 million.
What about altcoin and Bitcoin investments?
Of the total inflows last week, Bitcoin received more than 85% with around $229 million in inflows. There was an inflow of $17.5 million into Ethereum (ETH), its highest value since August 2022. Solana, whose price has almost doubled since last month, saw an inflow of $10.8 million.
In contrast, Short Bitcoin saw inflows of $4.5 million, indicating that some investors are still anticipating a decline in BTC at current price levels. There is other information that suggests smart money is starting to enter the crypto market. For example, on October 24, we reported an increase of over $100,000 in daily Bitcoin transactions.
These altcoin projects have received serious investment from smart money!
Bitcoin saw the lion’s share, with total inflows totaling $229 million, with year-to-date inflows reaching $842 million. This fund inflow was likely fueled by the increased likelihood of a spot ETF listing and weaker than expected macro data. The increase in the short-bitcoin product shows that some investors view the recent rise as unsustainable.
Ethereum, which suffered a terrible outflow of $107 in total this year, saw its biggest inflow since August 2022 with a total of $17.5 million. While other altcoins such as Solana saw inflows totaling $11 million, Chainlink saw inflows of $2 million. Polygon and Cardano also saw inflows of $0.8 million and $0.5 million respectively.
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