It has been just revealed that institutions are gathering BTC, ETH, and SOL. Check out the latest reports about the matter below.
Institutions are piling up on crypto
According to CoinShares, a digital assets management firm, institutional investors heavily invested in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) last week.
In its recent Digital Asset Fund Flows report, CoinShares revealed that institutional investors are continuously allocating funds to cryptocurrencies, as this asset class experiences its sixth consecutive week of institutional inflows.
“Digital asset investment products saw inflows totaling US $261 million, representing the 6th week of consecutive inflows that now totals US $767 million, surpassing the total inflows of US $736 million seen in 2022. This run of inflows now matches the July 2023 run of inflows and is the largest since the end of the bull market in December 2021.”
Bitcoin (BTC) maintained its position as the king of cryptocurrencies by receiving the lion’s share of inflows last week, totaling $229 million.
This increase is likely due to the growing confidence among investors that a spot BTC exchange-traded fund (ETF) is soon to be launched, as well as weaker than expected macro data which has raised doubts over the effectiveness of US monetary policy.
So far this year, year-to-date inflows for Bitcoin stand at $842 million.
On the other hand, according to the latest reports coming from the online publication the Daily Hodl, Ethereum (ETH) products saw inflows of $17.5 million, breaking a trend that has seen ETH flows negative by $107 million this year.
Meanwhile, Solana continued its upward trajectory, becoming a popular choice among investors and attracting inflows of $10.8 million last week.
In other recent news, we revealed the fact that the co-founders at Glassnode are excited about Bitcoin’s recent performance. They say that BTC has passed multiple crucial resistance levels and is now gaining momentum.
Specifically, they’re paying attention to Bitcoin’s relative strength index (RSI) which is an indicator of momentum.
