Matrixport’s head of strategy said he believes the market is currently in a “wait-and-see environment” but could shift after the U.S. mid-term elections in November.
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Matrixport’s head of strategy said he believes the market is currently in a “wait-and-see environment” but could shift after the U.S. mid-term elections in November.
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“What has pushed Bitcoin into a “crypto winter” over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve,” CoinShares wrote.
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Institutional investors piled $225 million into Bitcoin products while Ether products saw outflows of $13.6 million this past week.
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While institutional Bitcoin products have experienced outflows for 13 of the past 17 weeks, the sector has now seen three straight weeks of inflows.
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Inflows to Solana-based investment products saw a whopping 388% increase last week, with institutional investors gaining exposure to $13.2 million worth of SOL products.
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Institutional investors withdrew a record $141 million from Bitcoin investment products this past week.
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Institutional investors continue to exit BTC in favor of ETH, with Ether investment products now representing more than one-quarter of institutional crypto AUM.
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Crypto funds have posted near-record inflows during recent weeks as the gold investment products shed liquidity.
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