1. BITBILIHome
  2. Article

Coinshares report shows that traders still prefer Bitcoin

• 161 views

TL;DR Breakdown

  • Coinshares has released a new report that shows that institutional traders still prefer Bitcoin.
  • Ethereum purchase ranks up but Bitcoin remains a sovereign choice.

Description

Institutional investors have demonstrated a strong focus on Bitcoin (BTC) in recent weeks, as the cryptocurrency continues to surge and reach new price highs for the year 2023. According to a report by CoinShares’ Head of Research, James Butterfill, Bitcoin-related products attracted $310.6 million in inflows over the past two weeks, representing the majority of … Read more

Institutional investors have demonstrated a strong focus on Bitcoin (BTC) in recent weeks, as the cryptocurrency continues to surge and reach new price highs for the year 2023. According to a report by CoinShares’ Head of Research, James Butterfill, Bitcoin-related products attracted $310.6 million in inflows over the past two weeks, representing the majority of cryptocurrency product inflows.

Coinshares report showed that inflows focused on Bitcoin

According to Coinshares, these recent inflows mark a notable shift from the previous nine consecutive weeks of outflows, highlighting a renewed interest in Bitcoin among institutional investors. The Coinshares’ report indicates that the inflows during the last two weeks accounted for an impressive 98% of all digital asset flows, emphasizing the overwhelming focus on Bitcoin.

This is the second time this year that Bitcoin products have represented 98% of inflows into cryptocurrency investment products, coinciding with a surge in Bitcoin’s price and market dominance. The catalyst for this upward momentum can be attributed to BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) on June 15, followed by similar filings from prominent firms such as Fidelity, Invesco, Wisdom Tree, and Valkyrie.

Since the filing, Coinshares noted that the price of Bitcoin has experienced a significant increase of 25.2%, reaching $31,131 at the time of writing. Furthermore, Bitcoin’s dominance, which measures its market capitalization about the total market cap of all cryptocurrencies, has risen to 51.46% according to available data. While Bitcoin has garnered significant attention, inflows into Ethereum investment products have also experienced a positive trend. Last week, Ethereum saw inflows of $2.7 million, marking the second consecutive week of inflows after a prolonged period of outflows.

Ethereum ranks up in purchase

Institutional investors have shown a considerable level of interest in core assets such as Bitcoin and Ethereum. However, there appears to be less enthusiasm for alternative cryptocurrencies. According to Michael Shaulov, the CEO of Fireblocks, institutional investors view Ethereum as a crucial player in future ecosystems of tokenization due to its status as an Ethereum Virtual Machine (EVM)-based platform. The consensus is that Ethereum’s utility is likely to be pivotal in the upcoming landscape of tokenized assets.

On the other hand, the narrative surrounding Bitcoin’s appeal to institutional investors is less specific but widely acknowledged. Many investors recognize the necessity of holding Bitcoin as part of their investment strategy, considering its position as the pioneering and dominant cryptocurrency in the market. The recent shift in institutional investor sentiment towards Bitcoin reflects a growing recognition of its value and potential. As institutional interest in cryptocurrencies continues to evolve, Bitcoin remains at the forefront as a preferred choice for investors seeking exposure to the digital asset class.

Bitcoin has emerged as the primary focus for institutional investors in recent weeks, as evidenced by the substantial inflows into Bitcoin-related products. This surge in interest comes as Bitcoin reaches new price highs and continues to dominate the cryptocurrency market. While Ethereum has also witnessed a positive trend in investment product inflows, the majority of institutional attention remains centered on Bitcoin. As the cryptocurrency landscape evolves, Bitcoin’s significance as a core asset for institutional portfolios continues to solidify.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Coinshares report shows that traders still prefer Bitcoin

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月6日 20:42
Next 2023年7月6日 22:25

Related articles

  • Binance.US addresses SEC motion amid assets freeze concerns

    TL;DR Breakdown Binance.US reassures users of the safety of its funds following SEC’s assets freeze claims. The firm is focusing on challenging the SEC in court. Cryptocurrency exchange Binance.US has moved to reassure its users after the U.S. Securities and Exchange Commission (SEC) filed an emergency motion seeking to freeze its assets. In a recent tweet, Binance.US emphasized that user assets remain secure and the platform continues to operate normally with deposits and withdrawals functioning without disruption. Binance.US allays fears about safety of funds The SEC filed an emergency motion on June 6 in the U.S. District Court for the District of Columbia, requesting a temporary restraining order against Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ). The motion outlined eight actions, including freezing Binance.US assets and repatriating funds held by U.S. customers. Additionally, it prohibits the defendants from altering or hiding records and imposes certain conditions on discovery. Concerns emerged within the crypto community that the restraining order might trigger a “bank run” on the exchange. However, it is important to note that the motion filed by the SEC…

    Article 2023年6月13日

  • The impact of US-Russia nuclear war on Americans

    TL;DR Breakdown U.S. presidential candidate Robert F. Kennedy Jr. has voiced serious concerns about the possibility and impact of a nuclear war between the U.S. and Russia. Based on research, an ensuing conflict could result in over five billion casualties, decimating nearly 99% of the population in major regions like the U.S., Europe, Russia, and China. Description The shadow of a devastating nuclear confrontation between the US-Russia looms large over the horizon. It’s a grim picture painted by U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.), one that warns of catastrophic consequences reaching far beyond the borders of the two superpowers. With a chilling potential for over five billion casualties, including … Read more The shadow of a devastating nuclear confrontation between the US-Russia looms large over the horizon. It’s a grim picture painted by U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.), one that warns of catastrophic consequences reaching far beyond the borders of the two superpowers. With a chilling potential for over five billion casualties, including the near total annihilation of populations in the U.S., Europe,…

    Article 2023年8月10日

  • US Senator blames the crypto collapse on bank executives

    TL;DR Breakdown US Senator Cynthia Lummis criticizes the statement of a former Signature Bank executive. US Congress wants to abolish excessive executive compensation. US Senator Cynthia Lummis has faulted the statement of a former Signature Bank executive at Congress. Scott Shay has come under scrutiny for allegedly attempting to shift blame onto the cryptocurrency industry while personally benefiting from hefty bonuses and stock options. During a Senate Banking Committee hearing on May 16, Senator Cynthia Lummis criticized Shay’s prepared statement regarding the bank’s collapse. Senator Lummis pick holes in his statement Scott Shay acknowledged that Signature Bank began accepting deposits from digital asset businesses in 2018 but significantly reduced its exposure to the industry in 2022 due to volatility. He claimed that the bank’s seizure by regulators was triggered by the failure of a bank closely associated with the digital asset sector, leading to the withdrawal of $16 billion from Signature Bank. Senator Lummis accused Shay of deflecting blame onto cryptocurrency depositors and regulators while evading personal responsibility. Shay denied placing blame on digital assets, but Lummis pointed out that…

    Article 2023年5月18日

  • SEC-Binance.US deal gets green light from court

    TL;DR Breakdown U.S. Judge approved an agreement between Binance.US, Binance, and the Securities and Exchange Commission (SEC), dismissing a previous asset freeze order. The agreement ensures that only Binance.US employees have access to client funds until litigation resolves. Binance global officials are prevented from accessing private keys of wallets or Binance.US’s Amazon Web Services tools. Description Following tense negotiations and legal proceedings, the United States-based operations of cryptocurrency exchange giant, Binance, have finally received some much-needed respite. A ruling by U.S. Judge Amy Berman Jackson on June 17 saw the approval of an agreement between Binance.US, Binance, and the Securities and Exchange Commission (SEC). This critical decision dismissed an erstwhile Temporary … Read more Following tense negotiations and legal proceedings, the United States-based operations of cryptocurrency exchange giant, Binance, have finally received some much-needed respite. A ruling by U.S. Judge Amy Berman Jackson on June 17 saw the approval of an agreement between Binance.US, Binance, and the Securities and Exchange Commission (SEC). This critical decision dismissed an erstwhile Temporary Restraining Order (TRO) that threatened to immobilize all Binance.US assets. Breaking…

    Article 2023年6月20日

  • Binance faces potential fraud charges from U.S.

    TL;DR Breakdown Binance, the largest crypto exchange, faces potential fraud charges from the U.S. Department of Justice. Concerns over consumer harm and market panic influence the decision on whether to indict. Existing charges include operating an unregistered exchange and deceptive practices. Description In a daunting turn of events that could reshape the landscape of the cryptocurrency industry, Binance, the world’s largest crypto exchange, finds itself under the stern eye of U.S. authorities, as it faces potential fraud charges. The U.S. Department of Justice’s contemplation of charges is tainted with apprehension over the detrimental fallout to consumers and … Read more In a daunting turn of events that could reshape the landscape of the cryptocurrency industry, Binance, the world’s largest crypto exchange, finds itself under the stern eye of U.S. authorities, as it faces potential fraud charges. The U.S. Department of Justice’s contemplation of charges is tainted with apprehension over the detrimental fallout to consumers and the possible ripple effect within the crypto market. This is not just a legal wrangle; it’s a vivid reflection of the fragile state of cryptocurrency…

    Article 2023年8月3日
TOP