Institutional Investors Abandoned Bitcoin and Flocked to These Two Altcoins!

Bitcoin started the new week weakly and the price fell to $ 95,000. Despite the decline in price, investors' expectations of an increase continued, and CoinShares released its weekly cryptocurrency report and said that there was an inflow of $ 270 million last week.

“While $270 million was inflowed into cryptocurrency investment products last week, total inflows so far this year have reached a new record of $37.3 billion.”

Ethereum (ETH) and XRP Go On The Attack!

When looking at individual crypto funds, there were outflows in response to profit sales in Bitcoin.

While BTC experienced an outflow of $457 million, Ethereum (ETH) experienced an inflow of $634 million.

When we look at other altcoins, XRP experienced an inflow of $95 million.

“Bitcoin saw its first outflow of $457 million since September, likely due to profit-taking at the $100,000 level.

While profit-taking is taking place in Bitcoin, Ethereum and XRP are leading the inflows.

Ethereum saw $634 million in inflows, bringing its year-to-date total to $2.2 billion and surpassing its 2021 record.

“XRP recorded a historic $95 million inflow, fueled by speculation about a possible US ETF launch.”

When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 266 million dollars.

After the US, Germany and Hong Kong also saw notable inflows with $12.3 million and $39 million respectively.

In the face of these inflows, Switzerland and Canada experienced small outflows of $26 million and $10 million, respectively.

*This is not investment advice.