Bitcoin seems to be making the spotlight again following the latest announcement that highlights how big players are entering the crypto game. Check out the latest reports about this below.
Bitcoin shines bright in the spotlight amidst institutional investors
According to CoinShares, institutional investors have finally shown some sense by pouring a heavy amount of $29 million into digital assets after three weeks of outflows.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares has noted the reversal of fortunes, bringing an end to the three-week run of outflows.
The improved sentiment is due to the recent US inflation data, which was slightly below expectations, indicating that a September rate hike is less likely. Digital asset investment products have finally seen some light in the darkness.
Bitcoin (BTC) dominated the inflows, taking in the lion’s share of $27 million. This brings BTC’s year-to-date inflows to $456 million.
“Bitcoin was the primary focus, seeing US$27m inflows, which follows 3 prior weeks of outflows totaling US$144m. Short-bitcoin, following a week of very minor inflows (US$2k), resumed its run of outflows of US$2.7m last week, and unusually being the only asset to see outflows.”
The notes continued and revealed the following as per the online pubcalition the Daily Hodl:
“This data suggests that sentiment for Bitcoin and the broader crypto market remains supportive despite the seasonally low volumes.”
More info on the crypto market state
Ethereum (ETH) received a significant $2.5 million in inflows, while Uniswap (UNI), XRP, Solana (SOL), and Litecoin (LTC) also received notable inflows of $0.7 million, $0.5 million, $0.4 million, and $0.1 million, respectively.
It’s worth mentioning that XRP has experienced a 16-week run of inflows, representing an impressive 12% of assets under management (AuM), with a remarkable 127% rise in AuM since the beginning of the year.
Stay tuned for more news from the crypto space and make sure to keep an eye on the markets as well. Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $29,380.
