Institutional Investors Pump $69 Million into Bitcoin as Market Sentiment Changes
Bitcoin has regained the confidence of institutional investors as a weekly report from Coinshares reveals that the digital asset received an inflow of $69 million last week. The institutional inflow received by Bitcoin in the previous week towers above inflows into other cryptocurrencies, Coinshares’ report noted.
The weekly report from the leading crypto asset management firm shows that products based on the second-largest cryptocurrency Ethereum managed to receive an inflow of $20 million within the same period. Both Bitcoin (BTC) and Ethereum (ETH) have registered impressive price increases in the past week.
Institutional Investors Shift Focus from Solana (SOL) and Cardano (ADA)
Institutional inflows deviated from the status quo two weeks ago when Solana (SOL) and Cardano (ADA) witnessed more inflows than investment products on Bitcoin and Ethereum, which were signs that institutional investors were confident in the former. At the time, both altcoins (SOL and ADA) had registered strong gains, which is normally the case when investors are bullish on certain crypto assets.
Overall, crypto investment products witnessed inflows valued at $90 million all through the past week. While SOL and ADA were top gainers two weeks ago in terms of price and investment inflows, in the previous week, both witnessed minor inflows compared to Bitcoin and Ethereum, following a market-wide downturn that resulted from bearish events such as the China-Evergrande issue.
According to Coinshares’ report, crypto investment products have witnessed inflows from these institutions for the seventh consecutive time, with all accounting for a total of $411 million. Coinshares revealed that Ethereum lost some of its market share, having fallen from a high of 28% to 25%.
Market Sentiment: Investors Bullish on Bitcoin
The weekly report equally shared insights on market sentiment, noting that flagship cryptocurrency Bitcoin has had an impressive run since the start of October. Following this, Bitcoin is currently up by over 15% within the last five days.
The asset’s dominance is nearly at 43% on Tuesday, according to crypto data aggregator, CoinMarketCap. Bitcoin owes its recent move to the frenzy generated by retail investors who are evidently bullish about the benchmark cryptocurrency. Institutional investors have also capitalized on its recent rally.
As of press time, Bitcoin is changing hands above $49k with a market value of close to $1 trillion. The digital asset had crossed beyond $50k earlier on Tuesday, a price last seen in early September.
Meanwhile, altcoins slowly trail behind Bitcoin with the largest altcoin Ethereum trading above the $3k region and Binance Coin (BNB) at $410. The rally that will see Bitcoin achieve a $100k all-time high is well anticipated by most traders, although its all-time high remains $65k, which it attained during a bull run in April.
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