Institutional investors are piling into crypto, marking an impressive 11-week rally.
Billions Flowing In
According to CoinShares, crypto investment products saw a massive $2.7 billion in inflows last week alone. This continues a remarkable trend, with a total of $16.9 billion flowing into these products over the past eleven weeks. This is nearly matching the inflow seen in the first half of 2024. CoinShares attributes this sustained investor interest to global uncertainty and the ongoing questions surrounding monetary policy.
Where the Money’s Going (and Leaving)
The United States led the way with $2.65 billion in inflows. Switzerland and Germany also saw significant inflows, while Canada, Hong Kong, and Brazil experienced outflows. Hong Kong, in particular, saw a substantial $132 million outflow in June.
Bitcoin Dominates
Bitcoin (BTC) was the star performer, attracting $2.2 billion in inflows – a whopping 83% of the total. Interestingly, short-Bitcoin investments continue to see outflows, further suggesting positive investor sentiment towards BTC.
Ethereum Also Strong
Ethereum (ETH) also saw strong inflows, with $429 million added last week.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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