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Bitcoin ETF’s approval marked an exciting week as institutional investors began pouring money into the cryptocurrency space. This development indicates that institutional investors are now more comfortable operating in the cryptocurrency arena. It is particularly noticeable that the majority of Bitcoin inflows are coming from the United States. The ETF approval has evidently excited institutional investors.
Substantial Fund Inflows from Institutional Investors for Bitcoin
Last week, we saw institutional investors making an entry into Bitcoin with an inflow of $1.16 billion. The main factor for such a significant inflow is the approval of Bitcoin ETFs. Institutional investors can now play in the cryptocurrency field with greater ease.
The approval of Bitcoin ETFs also brought a positive mood to the cryptocurrency market. Bitcoin rose to $48,800, reflecting the optimism. At the point of writing, the cryptocurrency has experienced some pullback, trading at $42,686.
Investor Preferences for 6 Altcoins
In addition to Bitcoin, institutional investors also made entries into six other altcoins. Accordingly, Ethereum, the leader of altcoins, saw inflows of $25.7 million. On the other hand, Solana received a modest inflow of $500,000.
This week, particularly notable was the inflow of $2.2 million into XRP. Cardano received an inflow of $1.4 million, Litecoin $800,000, and Polkadot $200,000.
US Leads in Institutional Inflows
The country with the most significant institutional inflows was the United States. This should be considered normal as the spot Bitcoin ETF approval has mobilized US institutional investors. The inflow from the US amounts to a rush of $1.26 billion to the space. Looking at other countries, Switzerland provided an inflow of $21.4 million, Brazil $5.6 million, and Australia $2.3 million.
Lastly, it is noteworthy that there have been outflows from some countries as well. Accordingly, Canada is at the forefront with an outflow of $44.2 million. Germany made an outflow of $27 million from Bitcoin and altcoin-focused investment products, while Sweden had an outflow of $15.5 million. In summary, the substantial inflows into Bitcoin and altcoin-focused investment products this week indicate the start of a new narrative in the cryptocurrency space.
