Bitcoin (BTC) tries to hold above the $72,000 level while corporate cryptocurrency funds saw $646 million in inflows last week.
Data shared by Coinshares showed that corporate cryptocurrency funds, which saw inflow of $862 million two weeks ago, also saw $646 million inflow last week.
The corporate interest in Bitcoin reached a high level after the approval of a spot Bitcoin ETF. Cryptocurrency funds have seen $13.8 billion in inflows since the beginning of the year, reaching an all-time high level. While there was a total outflow of $731 million from Grayscale funds, ETF issuers raised a total of $1.4 billion.
In corporate cryptocurrency funds, Bitcoin (BTC) took the lead again with $663 million, as it was in previous weeks.
On the other hand, Ethereum (ETH) saw an outflow of $22.5 million from funds, while $9.5 million outflow was observed from the short Bitcoin fund.
Interest in Altcoins
While corporate investors were pulling out of Ethereum, they turned to Polkadot (DOT), Litecoin (LTC), Solana (SOL), Ripple (XRP), and Cardano (ADA).
Almost all altcoins saw inflow, with $600,000 to Polkadot, $4.4 million to Litecoin, $4 million to Solana, $100,000 to Ripple, and $200,000 to Cardano.
These 5 altcoins have been attracting attention for a while, and in addition to institutional investors, $1.4 million was invested in Filecoin (FIL).
According to the Coinshares report, the U.S. investors were the biggest inflow contributors, with the majority of them coming from spot Bitcoin ETF issuers’ purchases.
Additionally, outflows of $27 million from Switzerland and $7 million from Canada were also seen.
