The chaos in the crypto markets in June yielded positive results, and we have made a relatively good start to July. After the sales in May, the SEC sued two major exchanges in early June. Just when everything seemed to be going downhill, things suddenly reversed with the hand of BlackRock, and demand among institutional investors started to increase.
Crypto Currency Report
Cryptocurrency investment products saw an influx of $136 million last week, and the inflows reached $470 million in the last three consecutive weeks. This figure is extremely significant as it has completely neutralized the outflows of the previous nine weeks. It seems that the outflows following the rally at the beginning of 2023 have reversed for now. Moreover, the appetite of institutional investors for cryptocurrencies continues in July.
Bitcoin, with a total entry of $133 million last week, continues to be the focus among investors, while there was a $1.8 million exit from the short Bitcoin fund. Blockchain stocks saw the biggest influx of the last year with $15 million.
Institutionals and Cryptocurrency
Despite the nine-week serial exits, the net entry from the beginning of the year reached $231 million. Along with this, reaching a weekly total volume of 1 billion dollars in investment products compared to the average of 2.5 billion dollars in the previous two weeks suggests that interest may further increase. Considering the evaporating volumes in cryptocurrency exchanges, this situation is not surprising. The continuation of the entries, along with the increase in volume, can be considered positive as it may give rise to a bigger wave of demand.
There was also some, albeit weak, movement on the altcoin front. Institutional entries were made to Solana, XRP, Polygon, Litecoin and Aave, while Cosmos, Cardano saw exits.
BlackRock’s intention of adopting Bitcoin has increased the appetite on the institutional side and interest continues to rise. All these tables may signal that the markets could go to a better place in the near future. The king cryptocurrency is above $30,000 as this article was being prepared.
