Institutional Interest in Bitcoin and Altcoins Persists Amid Market Fluctuations By Investing.com
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Institutional investors continue to buy into cryptocurrencies such as , , and XRP, despite market skepticism. According to data released on Monday, digital asset investment products have seen consistent inflows of $15 million for three weeks straight, even though trading volumes are currently 27% below the 2023 average.
Bitcoin-centric exchange-traded products (ETPs) attracted an additional $16 million last week, bringing the year-to-date total inflows to $260 million. Short Bitcoin investment products also experienced inflows of $1.7 million, indicating a persistent bearish sentiment among some investors.
Altcoins Solana and XRP held steady, with XRP marking its 25th week of consecutive inflows following ‘s victory against the U.S. Securities and Exchange Commission (SEC). However, and Chainlink struggled with outflows of $0.28 million and $0.31 million respectively.
faced significant sell-offs with outflows of $7.5 million last week, despite the recent launch of a futures-based Ethereum ETF. Notably, this comes as Ethereum Foundation’s Vitalik Buterin and other large holders sold off their Ethereum holdings.
The SEC’s decision not to appeal against Grayscale’s proposal to convert GBTC into a spot Bitcoin ETF has spurred increased Bitcoin inflows. Digital assets saw $78 million in inflows in the first week of October alone. Bloomberg ETF analysts predict a 90% chance of approval for a spot Bitcoin ETF by the SEC.
CoinShares Digital Securities and Purpose Investments reported major gains from investors mainly in Germany, the U.S., and Canada. As Bitcoin trades at $27678, up nearly 3%, there appears to be an ongoing accumulation spree by Bitcoin whales.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters
Institutional investors continue to buy into cryptocurrencies such as , , and XRP, despite market skepticism. According to data released on Monday, digital asset investment products have seen consistent inflows of $15 million for three weeks straight, even though trading volumes are currently 27% below the 2023 average.
Bitcoin-centric exchange-traded products (ETPs) attracted an additional $16 million last week, bringing the year-to-date total inflows to $260 million. Short Bitcoin investment products also experienced inflows of $1.7 million, indicating a persistent bearish sentiment among some investors.
Altcoins Solana and XRP held steady, with XRP marking its 25th week of consecutive inflows following ‘s victory against the U.S. Securities and Exchange Commission (SEC). However, and Chainlink struggled with outflows of $0.28 million and $0.31 million respectively.
faced significant sell-offs with outflows of $7.5 million last week, despite the recent launch of a futures-based Ethereum ETF. Notably, this comes as Ethereum Foundation’s Vitalik Buterin and other large holders sold off their Ethereum holdings.
The SEC’s decision not to appeal against Grayscale’s proposal to convert GBTC into a spot Bitcoin ETF has spurred increased Bitcoin inflows. Digital assets saw $78 million in inflows in the first week of October alone. Bloomberg ETF analysts predict a 90% chance of approval for a spot Bitcoin ETF by the SEC.
CoinShares Digital Securities and Purpose Investments reported major gains from investors mainly in Germany, the U.S., and Canada. As Bitcoin trades at $27678, up nearly 3%, there appears to be an ongoing accumulation spree by Bitcoin whales.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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