Institutional Crypto Funds Bullish After 5 Weeks: 4 Altcoins Including Coin Name and Symbol Witnessing High Demand!

  • Bitcoin (BTC) shows signs of recovery as institutional crypto funds see inflows for the first time in five weeks.
  • According to data shared by Coinshares, institutional crypto funds, which saw an outflow of $251 million two weeks ago, recorded an inflow of $130 million.
  • Meanwhile, altcoins like Solana (SOL), Ripple (XRP), Polkadot (DOT), and Litecoin (LTC) are seeing increased demand from institutional investors.

Bitcoin rebounds as institutional crypto funds record inflows for the first time in five weeks, while altcoins like Solana and Ripple see increased demand.

Bitcoin Bounces Back

Bitcoin (BTC) is showing signs of recovery as institutional crypto funds see inflows for the first time in five weeks. According to data shared by Coinshares, institutional crypto funds, which saw an outflow of $251 million two weeks ago, recorded an inflow of $130 million. This comes after the approval of the Spot Bitcoin ETF, which sparked high levels of institutional interest in Bitcoin. Last week, Grayscale funds saw a total outflow of $171 million, while other ETF issuers saw some inflows.

Altcoins See Increased Demand

While institutional investors are moving away from Ethereum (ETH), which saw a fund outflow of $14.4 million, altcoins like Solana (SOL), Ripple (XRP), Polkadot (DOT), and Litecoin (LTC) are seeing increased demand. Solana saw an inflow of $5.9 million, Polkadot $1.2 million, Litecoin $100,000, and Ripple $600,000. According to the Coinshares report, the most inflow came from US investors, followed by Canadian investors. These were largely driven by the amounts entering and exiting from Spot Bitcoin ETF issuers.

Conclusion

The crypto market is showing signs of recovery with Bitcoin leading the way. Institutional investors are showing renewed interest in Bitcoin and altcoins like Solana and Ripple, indicating a positive outlook for the market. However, the market remains volatile and investors should continue to monitor developments closely.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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