It has been revealed that the institutions are pouring money into crypto these days, just as Bitcoin hits a new ATH. Check out the latest reports about this below.
Institutions pour money into crypto
According to CoinShares, a digital assets manager, blue-chip investors are still investing in Bitcoin (BTC) and other crypto investment products as the markets continue to surge.
In its latest report on fund flows, CoinShares revealed that institutions invested $176 million in crypto markets last week, bringing the total investment in the past 10 weeks to $1.76 billion.
“Digital asset investment products saw inflows totaling $176 million last week, marking the 10th consecutive week of inflows, totaling $1.76 billion, or 4% of assets under management (AUM). This run of inflows is now the largest since October 2021, which saw the launch of the futures-based ETF (exchange-traded fund) in the US.”
According to CoinShares, the US, Germany, and Canada saw the most activity. BTC and Ethereum (ETH) saw the most inflows.
“Regionally, the focus was Canada, Germany and the US, which saw inflows of $79 million, $57 million and $54 million, respectively. Minor outflows were seen from Hong Kong totaling $15 million…
Bitcoin was the main beneficiary, seeing $133 million inflows, although short, Bitcoin, after a 3-week run of outflows, saw inflows of $3.6 million last week.
Ethereum saw a further $31 million inflows last week, bringing this 5-week run to $134 million, and for the first time this year, net flows are now positive at $10 million, following a long bout of negative sentiment.”
At the moment of writing this article, BTC is trading in the green king coin is priced at $41,551.
According to a popular analyst and trader, Bitcoin (BTC) is expected to reach a new all-time high (ATH) sooner than anticipated.
The analyst, who goes by the pseudonym The Flow Horse, has informed his 189,500 followers on the social media platform X that Bitcoin is likely to remain in an uptrend and surpass the previous high of approximately $69,000 in the near future.
