Continued Interest from Institutional Investors
In the latest weekly report from CoinShares, Bitcoin and Solana are emerging as leaders in institutional inflows, indicating sustained interest from sophisticated investors in the cryptocurrency market. Digital asset investment products saw inflows totaling $176 million last week, marking an 8-week streak of consecutive inflows.
Bitcoin Dominates Inflows
Bitcoin has seen the bulk of these inflows, with $154.7 million coming in for the week. This continued positive sentiment is likely related to the anticipated approval of a spot-based Bitcoin ETF in the US, according to James Butterfill, head of research at CoinShares. The asset under management for Bitcoin stands at $30,782 million, reaffirming its dominance in the market.
Solana's Growing Presence
Solana has seen the second largest inflows of $13.6 million for the week, highlighting its growing presence and potential in the institutional space. It currently has a year-to-date inflow of $135 million.
Mixed Results for Other Cryptocurrencies
Ethereum had a modest weekly inflow of $3.3 million, but has experienced a year-to-date outflow of $55 million. Other cryptocurrencies like Litecoin, XRP, and Cardano showed positive inflows for the week, albeit on a smaller scale.
Flows by Country
Canada led the way with an impressive $97.7 million in weekly inflows, followed by Germany at $63.3 million and Switzerland at $35.4 million. In contrast, the United States saw outflows amounting to $19.2 million for the week.
Key Indicator of Institutional Behavior
The data provided by CoinShares serves as a key indicator of institutional behavior and sentiment in the Bitcoin and crypto space, offering valuable insights into market trends and potential future movements. Solana seems to be the top choice among altcoins.
At press time, Solana traded at $60.26. On a bullish note, SOL closed the last week above the 0.382 Fibonacci retracement level.
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