$117 million flowed into cryptocurrency investment products in one week, the majority of which went directly to Bitcoin.
Bitcoin
BTC
he falls to the ground
$22,344
According to the data, in January after rebounding by 40%, corporate income was the highest since 2022. in June
January 30 In its “Digital Asset Fund Flows” report, digital asset investment and trading group CoinShares confirmed that it identified 117 million in cryptocurrencies in the last week of the month.
Entities are not “sold” after merging into Ethereum.
Bitcoin is still under the radar as an institutional investment option.
As the latest data from CoinShares shows, it only took a few weeks of BTC pricing activity to recoup initial losses due to a dramatic change in investment habits – and not just in the US.
“The U.S. bears last week seem to have changed their minds when $117 million came in. US dollars, of which $26 million.”
“This is 3 times more than last week. Total AuM rose to 28. billion USD, i.e. 43% more than in 2022. in November.”
Germany took the surprising lead with 40% of this week’s results, followed by Canada in third.
While altcoins are growing alongside Bitcoin, institutions seem to prefer BTC when it comes to cash.
In the words of CoinShares, “the focus has been almost exclusively on Bitcoin,” a confusing fact for market participants looking at a potential shift away from the decentralized Ethereum-centric financial arena.
“This is proof that institutional funds are not selling the Ethereum thesis,” said Pillage Capital, a popular Twitter account.
These numbers also rule out the timing of experiments with some altcoins, with CoinShares picking Bitcoin Cash
BCH
he falls to the ground
$126
, Star
XLM
he falls to the ground
$0,085
and Uniswap
UNI
he falls to the ground
$6.18
. . . . Solana, the singer
SOL
he falls to the ground
$2
, Cardano, Author
ADA
he falls to the ground
$0,341
and polygon
MATIKS OF WORK
he falls to the ground
$1.1490
however, he saw the actual receipt.
“High-asset investment products outflowed for the ninth consecutive week, hitting 6.4 million.”
GBTC descends towards a new record chapter
Meanwhile, after making a resounding comeback, Bitcoin’s biggest institutional investment vehicle appears to be running out of steam once again.
Related: Bitcoin Sees Last Golden Cross Hit 2 Months Before All-Time High
Grayscale Bitcoin Trust (GBTC) February 7 traded at 43% of the Bitcoin spot price before recovering to 36.2% in mid-January.
Cointelegraph continues to report that Grayscale is currently experiencing problems affecting parent company Digital Currency Group following the bankruptcy of FTX in 2022. in November.
But GBTC was already struggling, as Grayscale tried to get US regulators to approve the transfer to the country’s first Bitcoin spot exchange-traded fund.
