Institutional Cryptocurrency Funds Turned Bullish After 5 Weeks: 4 Altcoins Are In Demand!

While the Bitcoin (BTC) price showed signs of recovery today, institutional cryptocurrency funds saw inflows for the first time in 5 weeks.

In the data shared by Coinshares, it was stated that there was an inflow of 130 million dollars after 5 weeks into corporate cryptocurrency funds, which saw an outflow of 251 million dollars two weeks ago.

Following the approval of the Spot Bitcoin ETF, institutional interest in Bitcoin reached a high level. While there was a total outflow of $171 million from Grayscale funds last week, there was a small inflow to other ETF issuers.

ETFs, which started trading in Hong Kong two weeks ago, could not come close to the first week's gain and were limited to $ 19 million.

As in previous weeks, Bitcoin (BTC) ranked first in corporate cryptocurrency funds with an inflow of 144 million dollars.

On the other hand, there was a fund outflow of $14.4 million from Ethereum (ETH).

High demand for altcoins

Solana (SOL), Ripple (XRP), Polkadot (DOT) and Litecoin (LTC) were in demand as institutional investors fled Ethereum.

There was a $5.9 million inflow to Solana, $1.2 million to Polkadot, $100 thousand to Litecoin and $600 thousand to Ripple.

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