Huge Outflow of 600 Million in Bitcoin Funds: Corporates Collected a New Altcoin!

While the Bitcoin (BTC) price tried to rise above 66 thousand dollars after the correction, a huge outflow of 600 million dollars was observed from corporate cryptocurrency funds.

In the data shared by Coinshares, it was stated that there was an outflow of $ 600 million, the largest outflow of the last 3 months, from institutional cryptocurrency funds, which saw an inflow of $ 2 billion two weeks ago.

Following the approval of the Spot Bitcoin ETF, institutional interest in Bitcoin reached a high level. Last week, Grayscale funds closed with a significant negative, while interest in other ETF issuers remained quite low. While there was a total inflow of $600 million from digital asset products, the 5-week inflow series was also broken.

While Ethereum continues to gain interest with the approval from the US Securities and Exchange Commission, it saw inflows last week despite the big outflow in Bitcoin.

As in the past weeks, Bitcoin (BTC) ranked first in corporate cryptocurrency funds with an outflow of $621 million.

On the other hand, there was a significant amount of fund inflow to Ethereum (ETH), worth $13.1 million.

Huge investment in LIDO

As institutional investors entered Ethereum, Lido DAO (LDO), Cardano (ADA), Chainlink (LINK), Ripple (XRP) and Litecoin (LTC) also saw demand.

Interest in Solana decreased and a $200 outflow occurred. On the other hand, there was $2 million inflow to LDO, $700,000 to Chainlink, $1.1 million to Ripple, $700,000 to Cardano and $800,000 to Litecoin.

While institutional investors normally invest in many altcoins, the fact that Lido DAO was included in this list and received an investment of 2 million dollars was a point of great interest.