It seems that the market’s wealthiest investors are shifting their focus from the big boys like Bitcoin and Ethereum to Litecoin and Avalanche. Unlike Bitcoin, these two altcoins saw an influx of capital into their institutional investment products.
Incidentally, this market is not yet about real large amounts. Avalanche saw an inflow of $0.7 million, while Litecoin saw $0.3 million.
Bitcoin not popular
The Bitcoin price is going through a difficult period and that is clearly reflected in the investment products for institutional investors. There, the mother of all cryptocurrencies had to record an outflow of $ 33 million for the past week, according to the weekly CoinShares report.
That outflow represented the fifth consecutive week of outflows. The total outflows for that five-week period rose to $232 million, marking about 0.7 percent of the total assets managed by these products.
The volume for the past week is also down, totaling $900 million. That number is about 40 percent below the average of 2023. A volume of USD 20 billion was achieved across all crypto exchanges.
That immediately marks the worst week for the market since the end of 2020. In recent months, we have seen the market dry up a bit anyway, probably because people are concerned about the shorter-term prices.
Germany sells
CoinShares data also shows that it is mainly German investors who pressed the sell button when it comes to institutional investment products. They were responsible for about $24 million in outflows, representing 73 percent of the total.
America and Switzerland follow with $5 and $3.3 million respectively. Next we encounter Canada and Brazil with relatively small outflows of USD 2.2 and USD 1.3 million.
The market is now mainly waiting for better times. Waiting for sentiment to turn in the right direction again and people to press the buy button again. For now, confidence in more price increases seems to have disappeared for a while.
