While the Bitcoin (BTC) price is trying to maintain $63,000 after a slight increase, an outflow of $147 million was observed from institutional cryptocurrency funds.
Data shared by Coinshares indicated that there was an outflow of $147 million this time from cryptocurrency funds, which had an inflow of $1.2 billion two weeks ago.
Institutional investors also took action in Bitcoin, which regained its positive atmosphere after the US Federal Reserve (FED) interest rate decision. However, with the subsequent decline, institutional investors also abandoned their funds to some extent.
While the situation in spot ETFs was negative, Grayscale funds did not experience a huge outflow compared to previous weeks last week. In parallel, BlackRock's huge investments could not cover the amount that Fidelity withdrew.
Ethereum ETFs had closed with positive value for only a few weeks and negative value for many weeks since their inception. Ethereum, which turned positive in the 4th week after the ETF listings, has been on the rise ever since. Bitcoin, which led the way in outflows as well as inflows, saw an outflow of $159 million last week.
CoinShares included the following statements in its report:
Regionally, Canada joined Switzerland in the upward trend, seeing inflows of $43 million and $35 million respectively, while the US, Germany and Hong Kong saw outflows of $209 million, $8.3 million and $7.3 million respectively.
Altcoins are starting to re-enter
Institutional investors have been investing in many altcoins such as Solana, Chainlink, Cardano, Litecoin and Ripple for a while. However, with the decline in Bitcoin, institutions have also fled many altcoins.
According to the latest report, institutional investors have started picking up altcoins again.
Institutions that invested $5.3 million in Solana invested $900,000 in Litecoin, $300,000 in Ripple, and $300,000 in Cardano.
Stay tuned for new information.
