Altcoins

Institutional investors sell $690 million in Bitcoin and Ethereum and favor Altcoins

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7 months ago

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Big money is fleeing Bitcoin and Ethereum! Is this the end of the crypto bull run? Institutional investors poured $690 million into these major coins in one week, spooking some analysts. But wait, there’s more! While Bitcoin and Ethereum are feeling the heat, altcoins like Solana are seeing renewed interest.

Read on to find out what the experts are saying and what it means for your crypto investments.

Significant Exits in Digital Asset Investments

Over the past two weeks, digital asset investment products have seen substantial outflows of $1.2 billion, according to CoinShares. In a single week, $484 million was withdrawn, mainly from the United States ($475 million) and Canada ($109 million). However, Switzerland and Brazil recorded positive inflows of $39 million and $48.5 million, respectively.

While Bitcoin and Ethereum have faced heavy sell-offs, altcoins such as Solana have become more popular. Solana saw $2.7 million in entries during the week. Currently trading at $127.85, Solana (SOL) saw a 4.7% drop in the last 24 hours but a slight increase of 0.6% in the last hour. At the beginning of June 2024, Solana’s price was around $166.14, peaking at $173.18 on June 4 before gradually weakening.

Impact on Bitcoin and Ethereum prices

The significant sell-off affected the prices of Bitcoin and Ethereum, pushing Bitcoin below $61,000 and Ethereum below $3,300, each falling almost 5% over the past 24 hours. According to CoinShares analysis, these outflows could indicate a correction in the crypto market as institutional investors adjust their holdings, reflecting doubts about possible interest rate cuts from the US Federal Reserve this year.

The recent shift in institutional investor behavior highlights a growing preference for altcoins amid a bearish stance on Bitcoin and Ethereum. This trend indicates a shift in dynamics in the cryptocurrency market, suggesting a more diverse investment landscape ahead.

Read also: Mt. Gox will begin repaying its creditors in Bitcoin and Bitcoin Cash next week

The crypto market is never boring. What are your predictions for the future?

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