Cryptocurrencies are having a moment! For ten weeks straight, investors have been pouring money into crypto funds, totaling a massive $15 billion year-to-date. Even with usual slowdowns around holidays and global market jitters, the influx continues. It seems investors see dips as buying opportunities.
Bitcoin and Ethereum Dominate
Bitcoin is leading the charge, attracting $1.114 billion this week alone. That brings its total for the month to over $2.3 billion and a whopping $12.7 billion year-to-date. Ethereum isn’t far behind, with its ninth consecutive week of gains, adding $124 million this week and over $1 billion this month.
Interestingly, investors aren’t betting against Bitcoin; short Bitcoin products only saw minimal outflows.
Altcoins: A Mixed Bag
While Bitcoin and Ethereum are shining, the altcoin world is more varied. Solana and XRP saw positive inflows, but some multi-token funds experienced losses. Many smaller altcoins are struggling to attract investment.
Regional Spotlight: The US Takes the Lead
The United States is the biggest investor, contributing $1.25 billion in weekly inflows. Canada, Germany, and Australia also saw positive flows, while Brazil was an exception, showing outflows.
Smaller Cryptocurrencies Struggle
Some newer cryptocurrencies had mixed results. Sui, for example, saw outflows this week despite gains earlier in June. Litecoin, Cardano, and Chainlink saw small inflows, but many other smaller projects experienced significant outflows.
The Big Picture: Still Bullish
Despite market fluctuations and slower trading periods, institutional investors are still showing confidence in crypto. The overall weekly inflow of $1.23 billion, bringing the June total to $3.38 billion and the year-to-date total to $15 billion, clearly demonstrates that many believe this is a good time to buy. The trend suggests that major players aren’t giving up on digital assets anytime soon.
