Despite a recent market slump, big institutional investors are still pouring money into crypto. Last week alone, they invested a whopping $308 million into digital assets.
Institutional Inflows Outweigh Outflows
While there were some significant outflows ($1 billion in the last two days of the week), these only represent a tiny fraction (0.37%) of the total assets under management. The report compared this to a much larger outflow in mid-2022, which was linked to a Federal Reserve interest rate hike. The recent price drops mainly affected exchange-traded products (ETPs), resulting in a $17.7 billion decrease in total assets under management. This was largely due to the Federal Reserve’s economic projections.
Bitcoin and Ethereum Lead the Way
Bitcoin and Ethereum were the top performers, attracting significant inflows. Bitcoin saw $375 million in net inflows, while Ethereum received $51 million. Interestingly, large Ethereum investors (“whales”) bought over $1 billion worth of Ethereum despite the price correction. Binance also reported strong inflows for Ethereum ETFs.
Whale Activity Boosts Meme Coins
The whale activity isn’t limited to Bitcoin and Ethereum. Dogecoin also saw significant whale purchases, totaling tens of millions of dollars. This activity often signals increased investor confidence and could precede a market rally. This is particularly good news for newer meme coins.
Wall Street Pepe: A New Contender?
One such meme coin, Wall Street Pepe ($WEPE), is making waves. It’s currently in a presale and has already raised over $35 million in just 21 days. The project aims to empower smaller investors by sharing trading knowledge and insights. Its rapid growth raises the question: could it become the next big meme coin?
A Good Time to Invest?
While $WEPE’s current price is low, it’s expected to rise soon. The project’s mission and rapid growth make it an attractive investment opportunity for those willing to take a risk. However, remember to do your own research (DYOR) before investing; this isn’t financial advice.
