Institutional Investors Sold Bitcoin and Ethereum But Did Not Give Up on This Altcoin!

Bitcoin (BTC) has risen above $88,000 with the recovery momentum in recent days. While the upward momentum is expected to continue, Coinshares published its weekly cryptocurrency report and said that only $6 million inflow was experienced last week. “While net inflows of $6 million were recorded in cryptocurrency investment products, US retail data in the middle of the week led to outflows of $146 million. Small inflow of $6 million, sentiment remains mixed but showing signs of recovery.” The Situation is Mixed in Bitcoin and Altcoins! When looking at individual crypto funds, it was seen that Ethereum surpassed Bitcoin in outflows. While BTC experienced an outflow of $6 million, Ethereum (ETH) experienced an outflow of $26.7 million. When we look at other altcoins, SUI experienced an outflow of $1.1 million, XRP experienced an inflow of $37.7 million, Solana (SOL) and Cardano (ADA) experienced an inflow of $0.3 million. “The largest inflows during the week were in Bitcoin, with intraweek inflows highlighting the mixed sentiment and ending the week with small outflows of $6 million. Ethereum continues to struggle, recording an additional $26.7 million in outflows last week, bringing total outflows to $772 million over the last eight weeks. Despite this, Ethereum remains the second-largest in terms of year-to-date (YTD) inflows, with a net inflow of $215 million. XRP continues to break the mold with $37.7 million inflows last week and became the 3rd most successful cryptocurrency this year with $214 million inflows. When looking at regional fund inflows and outflows, it was seen that the USA was the only country with an outflow of 71 million dollars. In comparison to this outflow, Switzerland had an inflow of $43.7 million, Germany $22.3 million and Canada $9.4 million. *This is not investment advice. Continue Reading: Institutional Investors Sold Bitcoin and Ethereum But Did Not Give Up on This Altcoin!