The past week marked a surge in institutional investments into Bitcoin, with $1.16 billion pouring into the cryptocurrency. This influx was largely attributed to the approval of Bitcoin Exchange-Traded Funds (ETFs), signaling a new level of comfort and engagement for institutional investors in the crypto space.
The optimism in the crypto market following the Bitcoin ETF approval was evident as Bitcoin’s price soared to $48,800. However, at the time of writing, the cryptocurrency has seen a retracement, trading at $42,686.
In addition to Bitcoin, institutional investors also allocated funds to six altcoins. Ethereum led with an inflow of $25.7 million, while Solana received a modest $500,000.
The week was notable for XRP, which attracted $2.2 million. Other altcoins such as Cardano, Litecoin, and Polkadot saw inflows of $1.4 million, $800,000, and $200,000 respectively.
The United States led the charge in institutional inflows, with $1.26 billion, influenced by the spot Bitcoin ETF approval. Other countries like Switzerland, Brazil, and Australia also contributed, while Canada, Germany, and Sweden saw significant outflows. The overall increase in investments suggests a new narrative emerging in the crypto investment space.