As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself increasingly intrigued by the recent trends highlighted in the CoinShares report. The shifting preferences of institutional investors towards XRP and Bitcoin are particularly noteworthy.
As per a recent report by CoinShares, institutional investors have been putting more faith in XRP over the past week. Conversely, they’ve been taking their funds out of ADA and Ethereum, the second largest cryptocurrency. This information was posted on the X platform by Chinese crypto blogger and journalist Colin Wu on his personal page.
Over the past week, investors have injected approximately $0.1 million into XRP, whereas Cardano‘s native token, ADA, experienced a withdrawal of around $0.2 million. Ethereum saw a significant outflow of about $28.5 million. In contrast, Litecoin and Solana reported inflows exceeding their respective weekly totals: Litecoin attracted approximately $0.2 million, while Solana garnered an impressive $3.2 million.
For two consecutive weeks, as reported by CoinShares, digital asset investment products have experienced a combined net inflow of approximately $321 million. This surge might be attributed to the Federal Open Market Committee’s (FOMC) decision to reduce interest rates by 0.5%. Among these assets, Bitcoin attracted inflows amounting to $284 million. Conversely, Ethereum experienced outflows for the fifth week in a row.
— Wu Blockchain (@WuBlockchain) September 23, 2024
Binance Coin (BNB) suffered a loss of approximately $0.7 million, leading ADA and TRX in terms of outgoing funds. In contrast, Bitcoin emerged victorious, attracting a significant $284 million from institutional investors. This recent Bitcoin inflow surpasses the previous monthly total of $76 million, marking a substantial increase. Since the beginning of the year, Bitcoin has seen an impressive influx of around $20,060 million, establishing itself as the preferred choice among investors in the global cryptocurrency market.
Additionally, it was disclosed that during the previous week, Fidelity’s and Ark Invest’s Bitcoin Spot ETFs led in accumulated funds, taking in approximately $138 million and $102 million respectively.
Over the past day, I’ve observed Bitcoin surging past the $64,000 mark, briefly climbing by approximately 2.81% to hit the $64,360 region. However, since then, its price has retreated, settling around $63,300. The bullish sentiment over the weekly Bitcoin growth of over 11%, from $57,600, has led financial institutions to invest hundreds of millions of dollars into Bitcoin and associated products last week.
The sharp increase in prices was fueled by Jerome Powell, chairman of the Federal Reserve, announcing at the regular FOMC meeting on Wednesday that the bank would lower interest rates by 0.5%, instead of the initially anticipated 0.25%. Analysts now speculate that the Fed may further decrease the rate by an additional 0.75% and reveal this decision at upcoming FOMC meetings this year.
Regarding Ethereum, over the last seven days, it experienced a significant surge, rising approximately 17% from around $2,294 to reach $2,677. Currently, ETH is experiencing a minor dip and is being traded at roughly $2,464 per coin. The overall crypto market has shown positive reactions following the Federal Reserve’s decision to lower interest rates.
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2024-09-23 18:16