It appears that institutional investors are buying DIPs at crypto prices.
Inflows to crypto investment products such as Bitcoin and Ethereum ETFs have marked a total inflow for five consecutive weeks as Coinshares counted total inflows of $1.3 billion in its latest report.
In fact, nearly $800 billion was poured into Ethereum Investment products last week after the recent 20% sale of Crypto. This was enough to pass Bitcoin influx into weekly clips for the first time this year.
As the years go on, it will be interesting to see if Altcoins can take any kind of break from Bitcoin’s rising advantage. As more people began to see the original cryptocurrency as a valuable repository, Bitcoin grew to account for more than 60% of the total crypto market capitalization.
Companies such as Strategy (formerly known as MicroStrategy) continue to buy more Bitcoin to hold it as a financial asset. On Monday, Strategy CEO Michael Saylor announced another purchase after the company took a week off and beat a streak of 12 Bitcoin purchases each week. The strategy said it purchased about $740 million worth of Bitcoin.
Last week there was a surge in optimism among Bitcoiners that the US government could be closer to figuring out how to emulate strategic playbooks. AI and Crypto Czar David Sacks said the answer to the idea of a strategic Bitcoin reserve remains one of the administration’s top priorities.
“This is one of the first things we’re trying to see as part of the administration’s internal working group,” Sachs said last Tuesday. “We’re still in the very early stages of this.”