Institutional Investors Bearish On Bitcoin, Ethereum. Here’s What They’re Buying
27 April 2022 - 07:00PM
NEWSBTC
Bitcoin and Ethereum have always been at the forefront for
institutional investors. This is with good reasons too as not only
are these the largest cryptocurrencies by market cap, but they are
also the most popular with the best prospects. As time has gone on
though, competition has become stiffer for the attention of
institutional investors. The rise of other altcoins has put forward
some formidable contenders for these two cryptocurrencies. Now,
institutional investors are now moving away from the big two and
pouring money into other altcoins, taking a completely bearish
stance on Ethereum. Altcoins Steal Market Share Institutional
investors have now fully turned their attention to fast-rising
altcoins in the market. This is evidenced by the inflows that some
of these altcoins saw over the past week. While the amount of
inflow coming into the market has not been to previous high levels,
the share that went to these altcoins has been higher. These
altcoins getting more attention from institutional investors
including the likes of Solana, Terra, Avalanches, and Algorant.
Related Reading | Market Nosedive Sends Cardano (ADA) Deeper
Into Bear Territory Not only did these altcoins see good inflows,
but they also took up a majority of the inflows that were recorded
for the week. Notable inflows include $1.8 million for Avalanche,
$0.8 million for Solana, $0.7 million for Terra, and $0.2 million
for Algorand. In total, these altcoins together brought in inflows
of $3.5 million at a time when outflows are the order of the day
for larger digital assets. Crypto total market cap recovers
to $1.8 trillion | Source: Crypto Total Market Cap on
TradingView.com Institutional Investors Don’t Want Bitcoin,
Ethereum Bitcoin has usually led the pack when it comes to inflows
in the past always making up the majority of institutional investor
inflows. However, its share of this market has continued to be on
the decline. The pioneer cryptocurrency only recorded minor inflows
that came out to $2.6 million for the one-week period. Related
Reading | Dogecoin (DOGE) Jumps 30% After Elon Musk Buys
Twitter As for Ethereum, ut has continued to record massive
outflows. This indicates that institutional investors are pulling
out of the digital asset at an alarming rate. This makes the third
consecutive week of outflows for the asset with $16.9 million
moving out of it only last week alone. This has brought Ethereum’s
year-to-date outflows to a staggering $169 million. Bitcoin’s
outflows for the week had slowed considerably compared to its
counterparts. The digital asset has only seen $7.2 million in
outflows. However, its month-to-date outflows remain high at $178
million. Blockchain equities are not faring too bad though. They
recorded inflows up to $3 million for the same time period. While
short bitcoin investment products saw minor inflows that came out
to a total of $4 million. Featured image from CryptoSlate,
chart from TradingView.com
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