Institutional investors continue to buy BTC, ETH, SOL, and XRP despite panic selloff amid the geopolitical tensions in the Middle East. Crypto asset investment products saw a total of $1.24 billion in weekly inflows, indicating bullish sentiment among investors.
CoinShares on June 23 reported that crypto asset investment products saw $1.24 billion, but dropped from $1.9 billion in the earlier week. The crypto funds saw their 10th consecutive week of inflows, with total year-to-date (YTD) inflows reaching a new high of $15.1 billion.
Bitcoin saw $1.1 billion in inflows, indicating investors were buying on weakness. BTC recently recovered after recording sell-offs for two consecutive weeks despite the Israel-Iran conflict. Minor outflows of $1.4 million from short-Bitcoin products further support the bullish sentiment.
Ethereum (ETH) maintained its positive momentum for the 9th consecutive week, with $124 million in inflows. According to the report, this marks the longest run of inflows since mid-2021.
Institutional demand for Solana (SOL) and XRP also continued for another week, with $2.78 million and $2.69 million in inflow, respectively. The buying continues as Bloomberg updates approval odds to 95% for spot Solana and XRP ETFs amid positive developments from the US SEC.
As per the report, institutional investors were largely bullish in the United States. Spot Bitcoin and Ethereum ETFs, along with other funds, saw a net inflow of $1.25 billion.
Experts such as Arthur Hayes, Mike Novogratz, and Eric Balchunas also remained bullish despite the US involvement in the Israel-Iran conflict.
Also Read: Ethereum Price Bounces from $2,100; Hints Towards New Highs
