based on materials from the website - By Thecoinrepublic.com
Crypto funds received the second largest inflow of funds to date, amounting to $3.7 billion, indicating a strong bullish sentiment among investors. The bullish sentiment among institutional investors remains as Bitcoin (BTC) and Ethereum (ETH) dominate, providing one of the largest inflows, according to the report.
Experts such as Binance founder Changpeng "CZ" Zhao, Ark Invest CEO Cathie Wood, and author of 'Rich Dad Poor Dad' Robert Kiyosaki have predicted a bullish scenario amid the growth of the cryptocurrency market.
Cryptocurrency funds recorded an inflow of $3.7 billion: CoinShares
On July 14, CoinShares reported that the inflow of funds into crypto funds amounted to $3.27 billion, marking the 13th consecutive week. This led to the total assets under management (AuM) reaching a new high of $211 billion.
The inflow of funds into Bitcoin amounted to $2.7 billion, reflecting colossal investor interest that continued despite BTC reaching a new price peak. Strong support from inflows into Bitcoin ETFs and companies expanding their Bitcoin treasuries has boosted bullish sentiment.
This accounts for 54% of the total AuM held in gold ETPs, which has happened for the first time, according to the report.
Ethereum (ETH) maintained positive momentum for the 12th consecutive week, gathering $990 million. According to the report, this is the fourth largest inflow of funds in the history of observations.
Demand for Ethereum exceeded demand for Bitcoin, as ETH recorded a record inflow of funds over the past 12 weeks, amounting to 19.5% of its assets under management compared to 9.8% for Bitcoin.
Institutional demand for Solana (SOL) also persisted for another week, totaling $92.6 million. Key factors contributing to the significant growth in purchases included the launch of the Rex-Osprey Solana Staking (SSK) ETF, tokenized stocks based on Solana, and sentiments surrounding the approval of a Solana spot ETF.
Meanwhile, outflows from XRP funds amounted to $104 million, despite positive developments related to the Ripple lawsuit against the SEC and high chances of XRP ETF approval in the USA. The price of XRP, on the contrary, rose by 30% over the week, striving to surpass the $3 mark again.
Additionally, SUI and Cardano (ADA) also witnessed inflows. However, institutional purchases of these altcoins remained low.
According to the report, institutional investors in the USA primarily showed growth. Spot ETFs on Bitcoin and Ethereum, as well as other funds, received a net inflow of $1.25 billion.
Institutional investors in the USA primarily showed growth, with inflows totaling $3.7 billion. Furthermore, Switzerland and Canada recorded inflows of $65.8 million and $17.1 million, respectively.
In contrast, crypto funds in Germany, Sweden, and Brazil recorded outflows.
Experts maintain an optimistic outlook regarding the cryptocurrency market
Changpeng "CZ" Zhao, Ark Invest CEO Cathie Wood, and author Robert Kiyosaki expressed an optimistic sentiment as the price of Bitcoin reached a peak above $123,000.
Robert Kiyosaki believes that the price of Bitcoin could continue to rise, and he continues to recommend buying Bitcoin. The sudden rise in Bitcoin's price indicates investor confidence. Cathie Wood, CEO of ARK Invest, predicted that by 2030, the price of Bitcoin could reach $3.8 million due to institutional and corporate adoption.
Meanwhile, CZ confirmed that prices for Bitcoin and other leading cryptocurrencies are still falling. He advised the crypto community to buy, as there will always be dips before reaching the next historical peak.
Price dynamics of Bitcoin
The price of BTC rose by 4% in the last 24 hours and is currently trading at $121,823. The 24-hour low and high were $118,192 and $123,091, respectively.
Moreover, the trading volume over the last 24 hours increased by 164%, indicating a significant rise in trader interest.
CoinGlass data showed that BTC and ETH futures reached new highs. At the time of writing, the total open interest in BTC futures rose by 5% to $88.42 billion over the last 24 hours. Meanwhile, in the last 24 hours, the value of ETH futures increased by more than 6%, reaching $44.62 billion. This signals optimistic sentiments among derivative traders.
$BTC , $XRP , $BNB
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