Institutional Investors Bearish On Bitcoin, Ethereum. Here’s What They’re Buying
Categories: Bitcoin US
Bitcoin and Ethereum have always been at the forefront for institutional investors. This is with good reasons too as not only are these the largest cryptocurrencies by market cap, but they are also the most popular with the best prospects. As time has gone on though, competition has become stiffer for the attention of institutional investors. Altcoins Steal Market Share Institutional investors have now fully turned their attention to fast-rising altcoins in the market. This is evidenced by the inflows that some of these altcoins saw over the past week. While the amount of inflow coming into the market has not been to previous high levels, the share that went to these altcoins has been higher. These altcoins getting more attention from institutional investors including the likes of Solana, Terra, Avalanches, and Algorant. Institutional Investors Don’t Want Bitcoin, Ethereum Bitcoin has usually led the pack when it comes to inflows in the past always making up the majority of institutional investor inflows. However, its share of this market has continued to be on the decline. The pioneer cryptocurrency only recorded minor inflows that came out to $2.6 million for the one-week period.As for Ethereum, ut has continued to record massive outflows. This indicates that institutional investors are pulling out of the digital asset at an alarming rate. This makes the third consecutive week of outflows for the asset with $16.9 million moving out of it only last week alone. This has brought Ethereum’s year-to-date outflows to a staggering $169 million. Bitcoin’s outflows for the week had slowed considerably compared to its counterparts. The digital asset has only seen $7.2 million in outflows. However, its month-to-date outflows remain high at $178 million.Blockchain equities are not faring too bad though. They recorded inflows up to $3 million for the same time period. While short bitcoin investment products saw minor inflows that came out to a total of $4 million.