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Vignesh S G
Vignesh S G
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- Jun 24, 2024 12:40 UTC
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Massive $690M Sell-Off! Institutions Dump Bitcoin & Ethereum for Altcoins
Institutional investors are selling Bitcoin and Ethereum (down $690 million in a week).
Altcoins like Solana are seeing increased interest from investors, with Solana gaining inflows despite a recent price dip.
This shift in investor behavior suggests a changing cryptocurrency market, with altcoins potentially gaining ground.
Big money is fleeing Bitcoin and Ethereum! Is this the end of the crypto bull run? Institutional investors have dumped $690 million in these major coins within a week, spooking some analysts. But wait, there’s more! While Bitcoin and Ethereum are feeling the heat, altcoins like Solana are seeing a surge in interest.
Read on to find out what the experts are saying and what it means for your crypto investments.
Significant Outflows in Digital Asset Investments
In the past two weeks, digital asset investment products have seen a substantial $1.2 billion in outflows, according to CoinShares. Within a single week, $484 million was withdrawn, mainly from the United States ($475 million) and Canada ($109 million). However, Switzerland and Brazil saw positive inflows of $39 million and $48.5 million, respectively.
While Bitcoin and Ethereum faced heavy selling, altcoins such as Solana have become more popular. Solana saw $2.7 million in inflows over the week. Currently trading at $127.85, Solana (SOL) has experienced a 4.7% decline in the past 24 hours but a slight increase of 0.6% in the last hour. At the start of June 2024, Solana was priced around $166.14, peaking at $173.18 on June 4 before gradually weakening.
Impact on Bitcoin and Ethereum Prices
The significant sell-off has affected Bitcoin and Ethereum prices, pushing Bitcoin below $61,000 and Ethereum under $3,300, each dropping nearly 5% in the last 24 hours. According to CoinShares’ analysis, these outflows might indicate a correction in the crypto market as institutional investors adjust their holdings, reflecting doubts about potential interest rate cuts by the US Federal Reserve this year.
The recent shift in institutional investor behavior highlights a growing preference for altcoins amid a bearish stance on Bitcoin and Ethereum. This trend indicates changing dynamics in the cryptocurrency market, suggesting a more diverse investment landscape ahead.
Read Also: Mt. Gox to Begin Repaying Creditors in Bitcoin and Bitcoin Cash Next Week
The crypto market is never dull. What are your predictions for the future?
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