Institutions Pour Money Into Bitcoin, Solana, XRP

It’s been revealed that institutions are pouring a lot of capital into Bitcoin, Solana, and XRP. Check out the latest reports about this below.

Digital assets manager CoinShares said the fact that institutional crypto investment products finally ended their six consecutive weeks of outflows last week in a big way.

In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional crypto investment products saw the highest inflows in over eight months.

“Digital asset investment products saw inflows totaling US$160m, the largest since July 2022. A marked turnaround following 6 weeks of outflows that totaled US$408m. While the inflows came relatively late compared to the broader crypto market, we believe it is due to increasing fears amongst investors for stability in the traditional finance sector.”

Bitcoin (BTC) products saw about $130 million of inflows last week. On the other hand, short BTC products, which aim to profit off of Bitcoin going down in price, also took in $31 million.

“Bitcoin was the primary beneficiary, seeing inflows of US $128m, and expressed recently by some of our clients as a safe haven for the first time. Although not all share this view as short-bitcoin also saw inflows of US $31m, remaining the investment product with the most inflows this year so far, but not the best performing from a price perspective.”

In the latest reports, it seems that Tether’s chief technology officer (CTO) Paolo Ardoino has recently addressed a bullish sentiment on Bitcoin (BTC) as the flagship crypto asset sits below $30,000.

Ardoino says in a new CNBC interview that Bitcoin could “easily retest” its all-time high of slightly above $69,000 reached in November of 2021.

“I’m bullish given all what I said in terms of geopolitical uncertainty…” Check out our previous article in order to learn more details about this.