Bitcoin and Ethereum Funds Are Being Abandoned: Institutions Collected These Altcoins Anyway!

While the Bitcoin (BTC) price was below 62 thousand dollars with the correction, a huge outflow of 584 million dollars was observed from corporate cryptocurrency funds.

In the data shared by Coinshares, it was stated that there was a huge outflow of $584 million from corporate cryptocurrency funds, which saw an outflow of $600 million 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 the total of digital asset products amounted to 584 million dollars, the release series reached 2 weeks. 

While Ethereum continues to gain interest with the approval from the US Securities and Exchange Commission, it saw inflows despite the big outflow in Bitcoin last two weeks ago. However, this was not the case this time and Ethereum also experienced a significant outflow.

As in the past weeks, Bitcoin (BTC) ranked first in corporate cryptocurrency funds with an outflow of $630 million. There was a fund outflow from Ethereum (ETH) worth $58.3 million.

Investment came to altcoins again

As institutional investors fled Ethereum, Solana (SOL), Polygon (MATIC), Chainlink (LINK), Ripple (XRP), and Litecoin (LTC) also saw demand.

There was a money inflow of $2.7 million to Solana, $300 thousand to Chainlink, $700 thousand to Ripple, $1 million to Polygon and $1.3 million to Litecoin.

According to the Coinshares report, Swiss investors were the country with the most inflows, and investors from the USA were the country with the most outflows. The majority of these were inflows and outflows from spot Bitcoin ETF issuers.