And finally, after 9 weeks of doom and bust, we have a green candle! Bitcoin finally moved out of a slump and jumped back above $30,000. With that, Institutional investors seem to have gained confidence and started accumulating. Subsequently, the inflows reached $90 billion last week, a good sign for some bullish action. Leading the pack, Bitcoin is the most popular while Algorand (ALGO) comes second in the inflows. While Bitcoin is still struggling to surpass the key resistance level $38, Institutional investors have switched to accumulation phase.
Exchange Algorand (ALGO) to PayPal Instantly on HiExchange
Institutional Investors Buying Spree
According to new data, institutional investors are quickly accumulating BTC and ALGO as the crypto market has slightly recovered.
As part of the Digital Asset Fund Flows Weekly Report, CoinShares indicates a massive increase in inflows. The digital asset investment products reached $90 million last week, with Bitcoin on top.
“Digital asset investment products saw inflows totaling $87 million last week, pushing year-to-date inflows just past the half a billion mark to $0.52 billion.
Bitcoin saw inflows totaling $69 million, bringing year-to-date inflows to $369 million…”
“Digital asset investment products saw inflows totaling $87 million last week, pushing year-to-date inflows just past the half a billion mark to $0.52 billion.
Bitcoin saw inflows totaling $69 million, bringing year-to-date inflows to $369 million…”
Furthermore, CoinShares noted that Bitcoin’s assets under management (AuM) stand at their lowest point since July 2021.
Digital asset institutional investment product inflows in North American region reached $72 million. As for the European region, it stands at $15.5. This amount in inflows if for the first time in over a month.
Ethereum Outflows
Conversely, Ethereum products did not manage to appeal institutional investors as the outflows continued. In total, they lost $11.6 million last week. Recently, Ethereum network activity had a plunge due to lack of demand.
“Ethereum resumed its grind lower with outflows totaling $11.6 million last week, bringing net outflows year-to-date to $250 million, a stark contrast to most other altcoins.”
This comes while Ethereum competitor Algorand (ALGO) had a surge of inflows last week. In total, Algorand had a record week of inflows at $20 million. The Decentralized Finance (DeFi) blockchain has been gaining momentum as a strong Ethereum competitor.
HiExchange
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Also, the platform offers 24/7 customer support.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog
