Friday, June 2, 2023
HomeCryptocurrencyBitcoin Investors See China’s Crypto Ban as a Buying Opportunity

Bitcoin Investors See China’s Crypto Ban as a Buying Opportunity

Bitcoin BitcoinBitcoin was the first cryptocurrency to be created. Institutional investors have actually increased the amount of the largest crypto asset in the world.

The latest digital asset weekly fund flows report by CoinShares shows that Bitcoin investment products received $50 million in inflows last week. Inflows to Ethereum, the second-most valuable digital asset in the world, totalled $29 million over the same time period.

Other than Bitcoin and Ethereum, many other digital currencies like Solana (SOL), Cardano and Polkadot DOT attracted significant inflows last week. Inflows to digital asset investment products totaled $95 million during the week.

“Bitcoin saw one of the highest inflows of any investment product. It received US$50m. However, it has been the subject of the most negative investor sentiment for the past two quarters. Only the fourth week of inflows from the last 17 weeks was recorded. Last week, Ethereum was followed by Bitcoin with US$29m inflows. The report stated that sentiment has remained buoyant for Ethereum, despite the increase in Eth 2.0 stakes.”

The total value of Bitcoin-related investments products has increased dramatically since the beginning of 2021. Grayscale is the largest cryptocurrency asset manager in the world, with more than $28 million worth of BTC assets under its management.

Bitcoin vs Altcoins

Bitcoin remains the most popular cryptocurrency for institutional investment. Other digital assets such as Ethereum, Solana and Cardano have seen a substantial increase in market share over the past 8 months. According to CoinShares, “As an asset under management (AuM), both Polkadot and Solana continue to see large inflows of US$3.9m and US$2.4m respectively, which represents 4.5% and 3.2%, respectively.”

In the past 24 hours, the overall market cap for Cryptocurrencies dropped sharply. Bitcoin fell below $43,000, while Ethereum dropped to $2,910. During the same period, Cardano and Binance Coin, XRP, and Solana all dropped.


Most Popular