Ethereum

Solana

Bitcoin

Million

Reserve

The post <a href="https://coinpedia.org/news/institutional-investors-offload-690-million-in-bitcoin-and-ethereum-favor-altcoins/">Massive $690M Sell-Off! Institutions Dump Bitcoin &amp; Ethereum for Altcoins</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
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. 
<h2 class="wp-block-heading" id="h-significant-outflows-in-digital-asset-investments">Significant Outflows in Digital Asset Investments</h2> 
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 Within a single week, $484 million was withdrawn, mainly from the United States ($475 million) and Canada ($109 million).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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfujPLSn_7X85k1pKOomiJstFJe26IYO_TQJWqOhvWWU2quHlKJ52Tb4Ir2dTdFjoad_pWhjLl1qY10C2DjugLmm4BOkVkbO_RlRSEVeekhxgAe9gcUDrWRwMJIhCWPq8yS6GjhjteUIU8zpboKJi44zJRz?key=hfpns1K7tCey8i8ssxHXXA" alt="">
</figure> 
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, <a href="https://markets.coinpedia.org/solana/">Solana (SOL)</a> 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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXe0mpMLhTL814Jw4jLtW75Bvd8JP7gkZGVs6Eih0_ej_uuqGW3zJdM6dLXdi_Srx1gY2oPLg346G9LNZeFxwnZKA9OaGKtGVYyc_wtbuQ5xF9fHkdK5XBgITa1AlWeDgGV8rLs6AaR8FzXnAS4AtcX7phw?key=hfpns1K7tCey8i8ssxHXXA" alt="">
</figure> 
<h2 class="wp-block-heading" id="h-impact-on-bitcoin-and-ethereum-prices">Impact on Bitcoin and Ethereum Prices</h2> 
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: <a href="https://coinpedia.org/news/mt-gox-to-begin-repaying-creditors-in-bitcoin-and-bitcoin-cash-next-week/" target="_blank" rel="noreferrer noopener">Mt. Gox to Begin Repaying Creditors in Bitcoin and Bitcoin Cash Next Week</a> 
The crypto market is never dull. What are your predictions for the future?

Massive $690M Sell-Off! Institutions Dump Bitcoin & Ethereum for Altcoins

İçindekiler

CoinPedia News

24 Haz 2024 tarihli diğer yazılar

Tom Lee, Who Correctly Predicted the Previous Bull in Bitcoin (BTC), Talks About BTC

AVAX Investors Face Growing Concerns Due to Price Drop

Chief author behind President Biden’s crypto EO rejoins administration

Web3 Gaming Expansion Can’t Be Stopped: Recent Milestones Show Huge Growth

New lows for Ethereum gas usage as ETH tumbles below $3400: What now?

Crypto Dragon Token Will Rally 19,000%, As It Looks to Challenge Shiba Inu and Dogecoin

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!