While Bitcoin Experienced Record Entry Following Spot ETF Approval, Which Altcoins Did Institutional Investors Turn To?

Bitcoin, which rose to $48,000 last week, fell to $41,000 due to the sales pressure it experienced.

While BTC is currently trading at $42,000, CoinShares published its weekly cryptocurrency report and said there was an inflow of $1.18 billion last week.

“Cryptocurrency investment products saw inflows of $1.18 billion after the spot Bitcoin ETF approval launch last week, but this did not break the record set at the launch of futures-based Bitcoin ETFs.”

When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.

While BTC experienced an inflow of $1.14 billion last week, the largest altcoin Ethereum (ETH) saw an inflow of $25.7 million.

It was seen that there was an outflow of $4.1 million in the Bitcoin Short fund, which was indexed to the decline of BTC.

When we look at other altcoins, Solana (SOL) experienced an entry worth $0.5 million, XRP $2.2 million, Litecoin (LTC) $0.8 million, and Cardano (ADA) $1.4 million.

“Bitcoin saw $1.14 billion in inflows last week, while the short Bitcoin fund saw a smaller inflow totaling $4.1 million.

A total of $26 million was seen inflows into Ethereum and $2.2 million into XRP.

A notable exception was Solana, which saw just $0.5 million in inflows last week.”

When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 1.24 billion dollars.

After the USA, Switzerland ranks second with 24 million dollars; Brazil ranked third with 5.6 million dollars.

Against these inflows, Canada received 44.2 million dollars; Germany experienced an outflow of 27 million dollars.

*This is not investment advice.