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Bitcoin (BTC) has been the “major focus” for institutional traders over the past two weeks, in response to CoinShares, because the cryptocurrency continues to hit new highs for 2023.
In a July 3 report from CoinShares’ head of analysis James Butterfill, the analyst noted that Bitcoin-related merchandise noticed $310.6 million of inflows over the past two weeks, representing the overwhelming majority of crypto product inflows.
“Bitcoin remained the first focus of traders […] with the final 2 weeks inflows representing 98% of all digital asset flows,” stated Butterfill.
The final two weeks of inflows are a reversal from the earlier 9 consecutive weeks of outflows. Brief Bitcoin merchandise additionally skilled a minor outflow of $0.9 million over the past week.
It’s the second time this 12 months that Bitcoin merchandise have accounted for 98% of inflows into cryptocurrency investment products, and it comes amid a surge in Bitcoin’s price and dominance.
Much of this surge has been pinned on BlackRock’s June 15 spot Bitcoin ETF application, followed by similar filings from Fidelity, Invesco, Wisdom Tree and Valkyrie.
Because the filings, the value of Bitcoin has elevated 25.2% to $31,131 on the time of writing. Bitcoin’s dominance — which is a measure of its market cap relative to the entire market cap of all cryptocurrencies — has risen to 51.46%, according to knowledge.
Bitcoin Concern and Greed Index is 64 — Greed
Present value: $31,158 pic.twitter.com/Tl8vVQp9GA— Bitcoin Concern and Greed Index (@BitcoinFear) July 4, 2023
In the meantime, Ethereum funding merchandise inflows got here in at $2.7 million final week, the second week of inflows reversing a prolonged outflow pattern.
Associated: Why approving a Bitcoin ETF might unleash $18B in sell-pressure
Chatting with Cointelegraph on June 26, Fireblocks CEO Michael Shaulov stated there had been a “honest quantity of curiosity” from institutional traders in core belongings resembling Bitcoin and Ether (ETH), however much less so in alternate cryptocurrencies.
“The narrative round Ethereum is just about the understanding that future ecosystems of tokenization are prone to be [Ethereum Virtual Machine] EVM-based. And in the event that they’re EVM primarily based, then Ethereum goes to play out as utility.”
Shaulov stated the narrative round Bitcoin has been much less particular however stated most traders see the necessity to maintain the cryptocurrency.
Journal: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024
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