Buying Opportunity: Crypto Institutional Investors Pump $862 Million Into The Market
April 02 2024 - 12:00PM
NEWSBTC
Crypto investment products are up again in terms of inflows, giving
the crypto industry a much-needed breather. Recent market dynamics
have seen Bitcoin leading the surge of inflows into crypto
investment products, signaling a possible resumption of bullish
sentiment. James Butterfill, head of research at Coinshares,
reported this inflow in a social media post. The statistics
indicate that crypto investment products received inflows of $862
million over the timeframe spanning from March 23 to March 29 to
reverse the record net outflows of $942 million set in the prior
week. Unsurprisingly, most of the inflow went into Bitcoin, hinting
at a potential buying opportunity for investors still waiting to
get in on the asset during this bull run. Institutional Investors
Pump $862 Million Into Crypto Market James Butterfill termed the
inflow registered last week as a “recovery for ETFs.” This is
rightly so, as these US-based Spot Bitcoin ETFs gave investors a
scare in the prior week with lackluster inflow, hinting at the
possibility that the bull run could be coming to an end. This led
to crypto investment products bleeding for the first time after
seven consecutive weeks of inflows. Related Reading: Forget
Bitcoin, Altcoins Are The Winners Of This Cycle, Crypto Analyst
Says However, it would seem the sentiment regarding Spot Bitcoin
ETFs is now back to a very bullish outlook. As a result, Bitcoin
registered $865 million in inflows to bring its year-to-date inflow
to $12.83 billion. On the other hand, Ethereum and multi-asset
products registered $18.9 million and $2.6 million in outflows,
respectively, to offset some of the inflows registered by
Bitcoin. Inflows of $6.1 million, $0.2 million, $0.3 million,
$1.1 million, and $2.4 million were recorded for Solana, Litecoin,
XRP, and Polkadot, respectively. Polkadot also registered an inflow
of $2.4 million. Short Bitcoin products, on the other hand,
witnessed outflows of $2 million. Source: CoinShares Buying
Opportunity For Bitcoin? Bitcoin’s price surge for the past few
months has largely been due to action surrounding Spot Bitcoin
ETFs. Interestingly, last week’s inflow activity saw Bitcoin
breaking into the $70,000 price territory multiple times last week.
This bullish momentum wasn’t sustained, allowing the bears to
create a resistance at around $71,000. Related Reading: Hedge Fund
Manager Predicts When Bitcoin Price Will Reach $150,000
Nevertheless, the inflow indicates something bullish might be
brewing behind the scenes. Fundamentals surrounding the crypto
point to a bullish price action throughout April, particularly as
the next halving approaches. Bitcoin went through bearish price
action over the weekend, correcting by almost 7% from $71,285. At
the time of writing, Bitcoin has broken below a support at $68,500
and is now trading at $66,510. According to Santiment, the price
dip has given crypto traders a sense of buying opportunity with
calls of “buy and bullish” spiking across social media. Total
market cap rises toward $2.4 trillion | Source: Crypto Total Market
Cap on Tradingview.com Featured image from Mint, chart from
Tradingview.com
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