Up until recently, Bitcoin was only noted to see institutional outflows, consecutively for a few weeks. Solana and Ethereum, on the other hand, saw more inflows than the largest cryptocurrency.
However, this week, the institutional investment has taken a turn in favor of the flagship crypto asset. Bitcoin not only crossed the $51,000 region but is now trading at $52,591 (at the time of writing).
This has perhaps reignited the interest and sentiment of investors towards the most prominent cryptocurrency as BTC has seen its first inflows in 8 weeks. This is quite positive news for Bitcoin investors and traders, waiting for an inflow over the past few weeks.
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Institutional Inflows for Bitcoin and Altcoins
According to the largest asset fund manager in Europe, CoinShares, Bitcoin has seen $59 million in inflows last week. This is the first positive inflows for Bitcoin in eight weeks, which means the institutional investors are being intrigued by the flagship crypto asset once again.
Bitcoin has also achieved some remarkable price surges over the last few weeks. After struggling to touch the $51k price mark for quite some time, the flagship cryptocurrency has finally broken through it.
Despite the price fluctuations that concerned the BTC investors and traders, the largest crypto asset is seen to be in upward momentum.
Here is a graph by CoinGecko that shows the price of BTC over the last month.
While this has certainly been good news for crypto enthusiasts, Bitcoin is not the only digital asset to see institutional inflows.
Bitcoin led with the inflows, followed by:
- Ethereum with inflows of $14.4 million
- Solana with inflows of $13.2 million
- Cardano with inflows of $6.5 million
- Polkadot with inflows of $2.7 million
- XRP with inflows of $1.2 million
Ethereum is the second-largest digital currency in the world, according to market value. To the delight of the enthusiasts, the market share of ETH has now hit a record of 28%.
Solana is the seventh-largest digital asset in the world and has also been seeing some positive institutional inflows over the last few weeks.
The total assets of Solana under management have increased to $44 million last week from $15 millionthe week before.
Solana’s price surge is one of the most remarkable things in the market at the moment. It started at $1.52 at the beginning of this year. Since then, the price of Solana has seen an increase of more than 11,000% and is now trading at $184.88 (at the time of writing).
Here is a graph by CoinGecko that shows the increase in Solana’s price over the last month.
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Last week was the third consecutive week of institutional inflows and the digital asset investment products saw an inflow of $98 million. The total digital assets under management increased to $62.5 million, which was $56.9 million the week before.
Ethereum currently represents 35% of the total assets under management. However, many believe that Bitcoin will also not be far behind, considering its steady price increase.
The flagship crypto asset has started to see some institutional inflows last week, and BTC enthusiasts anticipate it would continue in the weeks to come. However, this is yet to be seen in real-time.
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