Digital Asset Investments Continue to Grow as Institutions Allocate to Bitcoin and Crypto Products
According to a recent report by CoinShares, blue-chip investors are continuing to invest in Bitcoin (BTC) and other cryptocurrency products as the market surges. In the past week alone, institutions poured $176 million into crypto markets, bringing the total investment over the past 10 weeks to $1.76 billion.
The report states that this 10-week run of inflows is the largest since October 2021 when the futures-based ETF was launched in the US. The US, Germany, and Canada saw the most activity, with BTC and Ethereum (ETH) being the top digital assets that received the most inflows.
Bitcoin received $133 million in inflows, marking a turnaround after three weeks of outflows. Ethereum also saw significant inflows of $31 million last week, bringing its five-week total to $134 million. This positive sentiment for Ethereum is a significant shift from negative sentiment earlier in the year.
Bitcoin and Ethereum Prices
At the time of writing, Bitcoin is trading at $41,394, experiencing a 4.30% increase for the day. Ethereum is priced at $2,095.
Hot Take: Institutions Drive Crypto Market Growth
Institutional investors continue to show strong interest in Bitcoin and other cryptocurrency products as they allocate significant amounts of capital into the market. The recent surge in investments over a 10-week period demonstrates growing confidence in digital assets among blue-chip investors. Bitcoin and Ethereum remain top choices for these institutional investors, with both cryptocurrencies receiving substantial inflows. This sustained institutional demand is contributing to the overall growth and stability of the crypto market.
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