cryptocoin.com As you can follow from the news, the Bitcoin and altcoin market is on the rise again. Institutional investors continue to increase their positions in this direction. According to the latest CoinShares report, institutional entries into the cryptocurrency market have soared over the past week as investment managers increase their positions in Bitcoin (BTC) and leading altcoin projects.
Money flows to the bitcoin and altcoin market
Institutional crypto assets, which were worth $57 billion in March, reached $71.6 billion in May. Total assets held by corporate executives hit a record $72.3 billion in the week ending Sunday, October 17.
Last week, there was a total of $80 million inflows in digital asset investment products. Bitcoin products attracted the largest investments, with $70 million, marking the fifth consecutive week of entry. Riple (XRP) and Bitcoin Cash (BCH) products were also in positive territory in money flow. Institutional investors also raised Polkadot (DOT) and Cardano (ADA) products by $3.6 million and $2.7 million, respectively.
According to the CoinShares report, ETC Group and 21Shares saw the biggest weekly inflows with $63.6 million and $19.3 million respectively. Inflows to Grayscale products, which represent the largest crypto-focused funds, were flat. Meanwhile, Ethereum (ETH) and Solana (SOL) investment products saw $900,000 and $300,000 worth of outflows, respectively, during the week.
Impact of Bitcoin ETF approvals on money flows
Bitcoin is closing a record weekly close as the spot price came a stunning $63,000 on Friday. Regarding the US Securities and Exchange Commission’s (SEC) approval of an application for a Bitcoin exchange-traded fund, the CoinShares team said, “This could lead to significant inflows in the coming weeks as investors in the US start taking positions.” doing. The ProShares Bitcoin Strategy ETF is scheduled to begin trading on the New York Stock Exchange on Tuesday.
According to crypto analyst Sam Bourgi, a listing of Bitcoin ETFs in the United States could attract new investors to the cryptocurrency market by giving them a familiar and highly regulated vehicle to park their assets. ProShares CEO Michael Sapir said on Monday that investors are looking forward to the launch of a Bitcoin-focused ETF. Analyst Sam Bourgi notes that pent-up demand among traditional investors is reflected in the recently launched Canadian Bitcoin ETFs, which attracted billions of dollars in inflows shortly after launch. According to Bybt data, the Purpose Bitcoin ETF, launched in February, currently has $1.7 billion in assets under management.
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