Bullish Return: Institutional Investors Pour $1.44 Billion Into Crypto In One Week
16 Luglio 2024 - 6:30PM
NEWSBTC
Crypto investment products have experienced another week of inflows
to build upon inflows witnessed in the prior week. According to
data from CoinShares, digital asset investment products recorded
$1.44 billion worth of inflows last week, which is a further
indication of the return of bullish momentum into the crypto
industry. This brings the total inflow to $1.881 billion over a
two-week period after three consecutive weeks of outflows. With
last week’s numbers, the total value of inflows into crypto
investment funds this year now stands at a record $17.8 billion.
Bullish Return Among Institutional Crypto Investors The latest data
shows that crypto investment products are starting to reflect the
overall change in market sentiment. As noted by CoinShares’ latest
weekly report, this change into bullish sentiment has allowed
digital investment products to further surpass the $10.6 billion
inflow received during the 2021 bull market. Related Reading:
JPMorgan Says Crypto Liquidations Will End And Bitcoin Bull Market
Will Begin, Here’s When Last week’s inflows amounted to $1.44
billion, which is the 5th largest weekly inflow on record.
Unsurprisingly, Bitcoin received the lion’s share of the
investments. As the world’s first and largest crypto asset, Bitcoin
has always been the centre of attraction among other
cryptocurrencies. The cryptocurrency has also been in the spotlight
for the past few months since the launch of Spot Bitcoin ETFs. A
return of bullish momentum allowed Bitcoin to receive $1.35 billion
last week, which is also the fifth-largest weekly inflow on record
for Bitcoin. Notably, this inflow came amidst concerns about
selling pressure sparked by a selloff of over 45,000 BTC by the
German State of Saxony. On the other hand, short-Bitcoin
products witnessed $8.6 million worth of outflows. Short-Bitcoin
products are for investors who anticipate a decline in the price of
Bitcoin. With this in mind, it can be deduced that the withdrawal
of short positions is a manifestation of a diminishing bearish
outlook among institutional investors. Ethereum led the
altcoin market with a net inflow of $72 million, allowing it to
reverse its total net inflow this year from a negative $15 million
at the beginning of the week to $57 million at the end of the week.
Solana exchange-traded products followed suit with a $4.4 million
net inflow, a 270% reduction from $16.3 million in the prior week.
At the time of writing, Solana’s total inflow this year stands at
$62 million. Litecoin, XRP, and Cardano witnessed inflows of
$1.2 million, $1.0 million, and $1.2 million, respectively.
Multi-asset investment products also recorded $17.2 million in
inflows. Related Reading: Crypto Analyst Says Ethereum Price Is
Headed To $4,000, Here’s Why ETPs are still one of the best ways
for institutional investors to get exposure to cryptocurrencies
like Bitcoin and Ethereum. Their use has been on the rise since the
beginning of the year, especially in North America. In terms of
geographical location, the United States had the most inflows with
$1.274 billion, Switzerland with $57.5 million, Hong Kong with
$54.6 million, and Canada with $23.2 million, among others.
According to CoinShares, the total assets under management (AuM)
are now at $84.713 billion. Featured image created with Dall.E,
chart from Tradingview.com
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