Institutional Money From Bitcoin and ETH Flows To These 4 Altcoins!

The decline in the cryptocurrency market is forcing institutional investors to sell Bitcoin and Ethereum. According to CoinShares’ weekly cryptocurrency report, institutional funds are moving to these 4 altcoin projects…

Institutional money flows into these altcoins as Bitcoin drops

The total value of the cryptocurrency market has dropped from $1.5 trillion in November to $961.83 billion today. Current CoinShares data shows that the output of crypto investment products is $102 million compared to last week. Last week, $57 million Bitcoin and $41 million Ethereum outflows were reported amid the Federal Reserve’s monetary tightening and widespread market sell-off.

Money Out Of Bitcoin (BTC) Flows To 4 Altcoins

Institutional investors’ crypto sales hit $102 million

Due to the recent monetary tightening, flows of digital asset investment products have slowed. Also, sales continued over the past week due to rising inflation and stETH leaving ETH. It is interesting to note that most of the outlets totaling $98 million came in the US. During this time, there was only $2 million net outflow from Europe.

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Last week, investors withdrew 72.1 million, 43.4 million, 11.3 million and 6.2 million from 3iQ, Purpose Investments, CoinShares XBT and ETC Group, respectively. During the same period, investors poured $24.2 million, $19.1 million and $4.5 million into ProShares, CoinShares Physical and 21Shares, respectively. Also, market leader Grayscale recorded just 0.3 million transactions last week.

There is a dramatic drop in corporate interest

The previous week saw a dramatic drop in interest in Bitcoin and Ethereum by institutional investors. A total of $57 million was lost in Bitcoin transactions last week, and $91 million this month. Total assets managed for Long-Bitcoin investment products are currently $27 billion. So far more than the $55 million managed for short-Bitcoin investment products.

Postponement of the ethereum merge and stETH-ETH depeg resulted in a significant sell-off in the previous week. Last week, institutions were responsible for $41 million in outflows. This brings the total output to date to $387 million. Additionally, total assets under management (AUM) peaked at $23 billion in November, but have since dropped to the current $8.7 billion.

These altcoins saw a net outflow of $4.7 million

As a result of the continued downward price pressure, investors did not buy other cryptocurrencies such as Solana, Cardano, XRP and others.

These altcoins lost $400,000 in net inflows

In addition to the big exits concentrated in Bitcoin and Ethereum, there are altcoins that managed to find funds. Some big investors interpreted the current prices as opportunities. Cardano, Litecoin and XRP lost $200,000 while Solana lost $400,000 in net inflows.

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Both Bitcoin and Ethereum reach ATL level

Today is the day when Bitcoin (BTC) and Ethereum (ETH) values ​​hit their lowest point in a year. Bitcoin price is currently trading at $23,491, down 16%. By contrast, ETH price saw a 19% drop. It is currently trading at $1,229. As a result of the crypto market reaching lows, the most prominent cryptocurrencies are now in danger of being liquidated.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.