The cryptocurrency market continues to attract intense interest from institutional investors. According to CoinShares, there were $862 million of inflows into cryptocurrency investment products in the week ending March 29, 2024. The largest inflows were in Bitcoin and various altcoins. Surprisingly, Ethereum (ETH) saw an outflow of $18.9 million. Here are the details

CoinShares announced: Investors sell Ethereum and several altcoins

The cryptocurrency market continues to attract intense interest from institutional investors. Last week, a high level was reached with an inflow of 862 million dollars. While the vast majority of these investments focused on Bitcoin, outflows from Ethereum attracted attention. According to the report, critical data are as follows:

Flows by Investor Types:

• Institutional Investors: $862 million inflows

Flows by Geographical Regions:

• US: $897 million inflow
• Canada: -$20.3 million outflow
• Europe: -$15.6 million outflow
• Brazil: 63 million dollar inflow
• Australia: $14.1 million entry

Flows by Assets:

• Bitcoin: $865 million in inflows
• Short Bitcoin: 2 million dollar exit
• Ethereum: -$18.9 million outflow
• Multi-Asset: -2.6 million dollars outflow
• Solana: 6.1 million dollar inflow
• Binance Coin: 500 thousand dollars outflow
• XRP: 300 thousand dollar entry
• Cardano: 1.1 million dollar inflow
• Polkadot: 2.4 million dollar entry

Institutions are interested in the crypto market

The information in the report clearly shows the interest of institutional investors in the cryptocurrency market. Large inflows from the US show that cryptocurrencies are playing an increasingly important role in the global financial system. Bitcoin remains the most attractive asset for institutional investors. According to the report, Bitcoin received $865 million in inflows, more than 99% of total inflows. Outflows of $18.9 million from Ethereum were noteworthy.

While this does not mean that Ethereum has lost its appeal for investors, it does suggest that Bitcoin is perceived as a safer investment. Altcoins such as Solana, Cardano and Polkadot are also on the radar of institutional investors. According to the data in the report, these altcoins saw a total inflow of $9.6 million. This shows that institutional investors are starting to invest not only in Bitcoin and Ethereum, but also in other cryptocurrencies.

As a result, institutional investors’ interest in the cryptocurrency market is increasing day by day. Bitcoin stands out as the cryptocurrency that attracts the most interest, while outflows from Ethereum are noteworthy. Altcoins such as Solana, Cardano and Polkadot are also on the radar of institutional investors. This trend is expected to continue in the coming period and the cryptocurrency market is expected to grow further.