Close to a Billion Dollar Investment in Bitcoin: 4 Altcoins Have Been Purchased Again by Corporates!
While the price of Bitcoin (BTC) tried to hold on above $67 thousand, there was an inflow into institutional cryptocurrency funds for the second week in a row.
In the data shared by Coinshares, it was stated that there was an inflow of 932 million dollars into institutional cryptocurrency funds, which saw an inflow of 130 million dollars two weeks ago, after a 5-week outflow series.
Following the approval of the Spot Bitcoin ETF, institutional interest in Bitcoin reached a high level. Last week, Grayscale funds closed a week in plus for the first time, while interest in other ETF issuers was also quite high.
ETFs, which started trading in Hong Kong 3 weeks ago, could not come close to the first week's gains and experienced an outflow of $82 million.
As in the past weeks, Bitcoin (BTC) ranked first in corporate cryptocurrency funds with an inflow of $942 million.
On the other hand, there was a fund outflow of $23.3 million from Ethereum (ETH).
High demand for altcoins
As institutional investors fled Ethereum, Solana ($SOL ), Chainlink (LINK), Cardano ($ADA ), and Litecoin ($LTC ) were in demand.
There was a money inflow of $4.9 million to Solana, $3.7 million to Chainlink, $1.9 million to Cardano, and $500 thousand to Litecoin.
According to the Coinshares report, investors from the USA were the country with the most inflows, and investors from Hong Kong were the country with the most outflows. The majority of these were inflows and outflows from spot Bitcoin ETF issuers.