After six straight weeks of withdrawals, institutional investors have rekindled their interest in the crypto market. The $160 million in recent days represents the greatest inflows the market has witnessed since July 2022.
According to a study from CoinShares that was just released, Bitcoin was the main benefactor of these inflows last week, with $127.5 million going into investment products that provide exposure to the cryptocurrency. Investments in Ethereum ($ETH) goods, on the other hand, experienced outflows of $5.2 million.
As a result of the increased interest in cryptocurrencies, bets on products that short Bitcoin, or whose performance is positive when BTC’s is bad, had inflows of $30.8 million, increasing their year-to-date flows to $114 million.
It’s important to note that although products offering exposure to numerous digital assets had $1.6 million in outflows, those offering exposure to One received $4.8 million in flows, demonstrating that investors prefer to bet on specific cryptocurrencies rather than receiving a comprehensive view of the sector.
After the inflows into Solana, $1.9 million worth of inflows into Polygon ($MATIC) investment goods and $1.2 million worth of inflows into $XRP investment products. According to CoinShares, inflows were seen from a number of nations, indicating a general upswing in sentiment toward the asset class. Significantly, the greatest inflows of $69 million, $58 million, and $26 million, respectively, were recorded in the US, Germany, and Canada.
One of the biggest cryptocurrency investors has just resumed purchasing, according to CryptoGlobe.
The business intelligence company MicroStrategy, which is listed on the Nasdaq, has acquired an additional 6,455 Bitcoin during the last five weeks at an average cost of $23,238 per coin and used BTC to pay off the remaining balance of a $205 million loan from Silvergate Bank.
With the addition of another Bitcoin, MicroStrategy’s total holdings now stand at 138,955 coins, valued at almost $3.88 billion as of this writing and bought at an average cost of $29,817 apiece.
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