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Bitcoin (
$74,790.00 ) (BTC) has been the “primary focus” for institutional investors over the last two weeks, according to Coinshares, as the cryptocurrency continues to hit new prihighs for 2023.
In a July 3 report from CoinShares’ Head of Research James Butterfill, the analyst noted that Bitcoin ( $74,790.00 ) -related products saw $310.6 million of inflows over the last two weeks, representing the vast majority of crypto product inflows.
“ Bitcoin ( $74,790.00 ) remained the primary focus of investors […] with the last 2 weeks inflows representing 98% of all digital asset flows,” said Butterfill.
$74,790.00 ) weekly inflows. Source: CoinSharesThe last two weeks of inflows are a reversal from the previous nine consecutive weeks of outflows. Short Bitcoin ( $74,790.00 ) products also experienced a minor outflow of $0.9 million over the last week.
It’s the second time this year that Bitcoin ( $74,790.00 ) products have accounted for 98% of inflows into cryptocurrency investment products, and comes amid a surge in Bitcoin ( $74,790.00 ) ’s price and dominance.
$74,790.00 ) accounted for 98% of digital asset investment product inflows over the last fortnight. Source: CoinShares.Much of this surge has been pinned on BlackRock’s June 15 spot Bitcoin ( $74,790.00 ) ETF application, followed by similar filings from the likes of Fidelity, Invesco, Wisdom Tree and Valkyrie.
Since the filing, the price of Bitcoin ( $74,790.00 ) has increased 25.2% to $31,131 at the time of writing. Bitcoin ( $74,790.00 ) ’s dominance — which is a measure of its market cap relative to the total market cap of all cryptocurrencies — has risen to 51.46%, according to data.
Bitcoin (
Current price: $31,158 pic.twitter.com/Tl8vVQp9GA— Bitcoin (
Meanwhile, Ethereum (
$2,287.09 ) investment products inflows came in at $2.7 million last week, the second week of inflows that have reversed a lengthy outflow trend.
Related: Why approving a Bitcoin ( $74,790.00 ) ETF might unleash $18B in sell-pressure
Speaking to Cointelegraph on June 26, Fireblocks CEO Michael Shaulov said there has been a “fair amount of interest” from institutional investors in core assets such as Bitcoin ( $74,790.00 ) and Ethereum ( $2,287.09 ) , but less so in alternate cryptocurrencies.
“The narrative around Ethereum (
Shaulov said the narrative around Bitcoin ( $74,790.00 ) has been less specific, but notes that most investors see the need to hold the cryptocurrency.
