{"id":28848,"date":"2024-09-09T20:15:58","date_gmt":"2024-09-09T17:15:58","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=28848"},"modified":"2024-09-09T19:04:37","modified_gmt":"2024-09-09T16:04:37","slug":"institutional-investors-lose-faith-in-bitcoin-and-ethereum-shift-focus-to-altcoins","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/institutional-investors-lose-faith-in-bitcoin-and-ethereum-shift-focus-to-altcoins\/","title":{"rendered":"Institutional Investors Lose Faith in Bitcoin and Ethereum, Shift Focus to Altcoins"},"content":{"rendered":"

According to CoinShares, there was a notable outflow of $726 million from cryptocurrency investment products last week.<\/p>\n

After experiencing declines, Bitcoin, the leading cryptocurrency, began the new week on a positive note, trading above $55,000. However, significant outflows were observed in cryptocurrency investment products.<\/p>\n

In their weekly report, CoinShares revealed that the previous week saw an outflow of $726 million from these products.<\/p>\n

\u201cDue to uncertainties surrounding interest rate cuts in the U.S., cryptocurrency investment products experienced a total outflow of $726 million last week,\u201d CoinShares reported.<\/p>\n

Bitcoin Sees Most Significant Withdrawals<\/strong><\/p>\n

When analyzing the individual crypto funds, it is evident that Bitcoin saw the majority of the outflows. Specifically, Bitcoin experienced a $643 million outflow, while Ethereum<\/a> (ETH) saw $98.1 million leave.<\/p>\n

In contrast, the Bitcoin Short fund, which is inversely correlated with Bitcoin’s decline, saw a $3.9 million inflow.<\/p>\n

Examining other altcoins, Solana (SOL) attracted $6.2 million in inflows, and XRP saw $1 million in new investments. On the other hand, Cardano (ADA) experienced a $0.8 million outflow.<\/p>\n

Impact of Macroeconomic Factors<\/strong><\/p>\n

\u201cWe believe that the negative sentiment towards Bitcoin and altcoins is attributed to stronger-than-expected macroeconomic data from the previous week, which raised the likelihood of a 25 basis point interest rate cut by the U.S. Federal Reserve,\u201d CoinShares noted.<\/p>\n

The report highlighted that Bitcoin saw a total outflow of $643 million, with a small $3.9 million inflow into Bitcoin Short funds. Ethereum saw almost the entirety of its $98 million outflow come from the existing Grayscale Trust.<\/p>\n

Conversely, Solana experienced the largest inflow of any asset, totaling $6.2 million.<\/p>\n

Regional fund flows showed that the U.S. led the way with a $721 million outflow. Following the U.S., Canada was the second-highest with an outflow of $27.9 million.<\/p>\n

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don\u2019t forget to follow us on our\u00a0Telegram<\/strong>\u00a0 ,<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a> and updates.<\/em><\/p>\n

\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

According to CoinShares, there was a notable outflow of $726 million from cryptocurrency investment products last week. After experiencing declines, Bitcoin, the leading cryptocurrency, began the new week on a positive note, trading above $55,000. However, significant outflows were observed in cryptocurrency investment products. 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