Fintech

Institutional investors dump $690 million into Bitcoin and Ethereum, favoring Altcoins

Published

1 year ago

on

Big Money is Fleeing Bitcoin and Ethereum! Is this the end of the cryptocurrency bull run? Institutional investors sold $690 million in these major coins in a week, spooking some analysts. But wait, there’s more! While Bitcoin and Ethereum are feeling the heat, altcoins like Solana are seeing a surge in interest.

Read on to find out what the experts say and what it means for your cryptocurrency investments.

Significant outflows in digital asset investments

According to CoinShares, digital asset investment products have seen consistent outflows of $1.2 billion over the past two weeks. In the space of just one week, $484 million was withdrawn, mostly from the United States ($475 million) and Canada ($109 million). However, Switzerland and Brazil recorded positive inflows of $39 million and $48.5 million, respectively.

While Bitcoin and Ethereum have seen heavy sell-offs, altcoins like Solana have become more popular. Solana recorded inflows of $2.7 million over the week. Currently trading at $127.85, Solana (SOL) recorded a decline of 4.7% in the last 24 hours but a slight increase of 0.6% in the last hour. As of early June 2024, Solana was priced at around $166.14, peaking at $173.18 on June 4 before gradually weakening.

Impact on Bitcoin and Ethereum prices

The significant sell-off affected Bitcoin and Ethereum prices, pushing Bitcoin below $61,000 and Ethereum below $3,300, each down nearly 5% over the past 24 hours. According to CoinShares analysis, these outflows could indicate a correction in the cryptocurrency market as institutional investors adjust their holdings, reflecting doubts about potential interest rate cuts by the US Federal Reserve this year.

The recent shift in institutional investor behavior highlights a growing preference for altcoins amid a bearish backdrop on Bitcoin and Ethereum. This trend indicates a change in dynamics in the cryptocurrency market, suggesting a more diversified investment landscape in the future.

Read also: Mt. Gox will begin repaying creditors in Bitcoin and Bitcoin Cash next week

The cryptocurrency market is never boring. What are your predictions for the future?

Source

Related Topics:

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Trending

Exit mobile version