Bitcoin has had the attention of institutional investors for quite some time. Due to the current market conditions noted for BTC, many enthusiasts expected the major investors to step back from the crypto king. While many investors did not move, others did.
As per reports, institutional investors have moved their bets from Bitcoin towards Ethereum and Cardano over the last week. However, short Bitcoin products did see positive inflows.
Bitcoin is not the only crypto asset stuck in downward momentum. This is a bearish trend that is persisting for the overall crypto market. Regardless, some major entities have shifted their attention to other altcoins as the crypto product outflows reach a record high.
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Outflows and Inflows Noted for Bitcoin and Other Altcoins
The inflows mentioned above for the flagship crypto asset were noted during a week when the crypto products saw total outflows of $423 million. This is a record high, which was previously at $198 million in January 2022.
The outflows of this week are the third-largest on record by assets under management at 1.2%.
According to reports, Canadian exchanges and a specific provider are responsible for the outflows noted and also caused the price of BTC to plunge below $18k this month.
Analyst Vetle Lunde wrote:
“The enormous outflows are likely caused by a forced seller in a huge liquidation. The forced selling of the 24,000 BTC could have triggered BTC’s move down towards $17,600.”
The value of the crypto king is tracked by the Bitcoin ETFs. These allow the interested parties to gain exposure to the flagship crypto asset without directly holding it.
Here is what the data shows:
- Total outflows for BTC products: $453 million
- Inflows for short BTC products: $15.3 million
- Inflows for ETH products: Nearly $11 million
- Inflows for ADA products: $800,000
- Total month-to-date inflows for ADA: $1.9 million
- Outflows for SOL: $100,000
The prices of the digital currencies have been severely affected due to several reasons such as the Russo-Ukraine conflict, global inflation and more. However, it has not stopped interested parties from investing in crypto, especially those who are optimistic about the cryptocurrency future.
If you are also interested in becoming a crypto investor, make sure you choose the best crypto exchange to buy Cardano or Ethereum that is secure and ticks all the right boxes for you in terms of available features.
A Few Major Tips for Beginners in Crypto Investing
Buying crypto assets may not be as easy as one might think as there are several factors to consider. Choosing the right exchange and a suitable digital currency are only some of the important aspects to keep in mind while crypto investing.
Therefore, anyone who is new to the crypto space and wants to become an investor should know some of the tips mentioned below.
- Choose a crypto exchange that prioritizes your security and meets your criteria and requirements.
- Start by investing a small amount.
- Keep an eye on the price movement of the digital asset you want to buy.
- Know when to invest.
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