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Monday, June 10, 2024
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Institutional investors continue to bet their faith on Bitcoin and three other potential altcoins

Coinshares’ latest report says major institutions continue to invest more in Bitcoin and are considering three new altcoins.

This week will be an important week for Bitcoin and the cryptocurrency market because The FED will announce its interest rate decision. While all eyes are on the Fed data, Coinshares has released its weekly cryptocurrency report.

In a recent report by Coinshares, it said that large global organizations have Invest an additional 2 billion USD last week, bringing capital inflows in the last five weeks to $4.3 billion. Bitcoin once again became the main focus, with money pouring in 1.97 billion USD in Week.

While Bitcoin continues to make headlines, the largest altcoin Ethereum continues to see inflows due to positive news about its spot ETF with $68.9 million.

In addition, Coinshares said institutions have specifically considered adding other altcoins, as they have poured capital into Fantom 1.4 million USD, XRP 1.2 million USD and Solana 0.7 million USD.

When analyzing the inflows and outflows of regional funds, we see that USA topped with inflows of $1.98 billion. Afterward, Hong Kong ranked second with 26.1 million USD and Canada ranked third with 12.7 million USD.

In contrast to these capital flows, Sweden suffered a capital outflow of $9.2 million.

How will the Fed’s interest rate decision affect Bitcoin? Please look forward to it!

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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