While Entries into Institutional Bitcoin Funds Continue, This Altcoin is the Focus of Investors’ Attention Again!

As the leading cryptocurrency Bitcoin rises above $ 37,000 again, inflows into cryptocurrency investment products continue.

At this point, CoinShares, which publishes its weekly cryptocurrency report, said that there was an inflow of 175.6 million dollars last week.

“Cryptocurrency investment products saw a total of $176 million in inflows last week, continuing what has now been 8 weeks of consecutive weekly inflows. Net inflows in 2023

“We think this continued positive outlook is related to expectations for the imminent approval of a spot Bitcoin ETF in the US.”

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

While BTC experienced an inflow of $154.7 million last week, inflows in the largest altcoin Ethereum (ETH) continued this week and saw an inflow of $3.3 million.

It was seen that there was an outflow of $8.5 million in the Bitcoin Short fund, which was indexed to the decline of BTC.

When we look at the altcoins, Solana (SOL) continued to inflow with $13.6 million, Cardano (ADA) with $0.8 million, XRP with $0.5 million and Litecoin (LTC) with $0.4 million.

“Bitcoin continued to dominate, seeing $155 million worth of inflows.

While there were generally inflows in altcoins, the most notable were Solana and Ethereum.

In contrast, Uniswap and Polygon saw small outflows of $0.55 million and $0.86 million respectively.”

When looking at regional fund inflows and outflows, it was seen that Canada ranked first with an inflow of 97.7 million dollars.

After Canada, Germany ranked second with 63.3 million dollars; Switzerland ranked third with 35.4 million dollars.

In response to these inflows, the USA experienced an outflow of 19.2 million dollars and Sweden experienced an outflow of 1.8 million dollars.

*This is not investment advice.