Bitcoin Is Still The Primary Focus For Investors

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Bitcoin
Bitcoin

CoinShares has mentioned that Bitcoin is still the primary focus of most investors over the last two weeks- with the new cryptocurrency reaching new highs for 2023. In a report from the 3rd of July, James Butterfill, the head of research, analyzed noted that products related to the cryptocurrency saw inflows worth $310.6 million over the last couple of weeks, which represents the vast majority of the crypto product inflows.

Butterfill claimed that cryptocurrency was the primary focus of the investors with the last 2 weeks’ inflows that represents 98% of all digital asset flows. The inflows over the last two weeks are a solid reversal from the previous nine consecutive weeks of outflows. 

Bitcoin Is Still The Main Focus Of Several Institutional Investors 

Short Bitcoin products have also experienced a minor outflow of $0.9 million over the last week. This is going to be the second time this year where the products of the cryptocurrency have accounted for 98% of the inflows into cryptocurrency investment products, where it comes amid a surge in the price and dominance of the cryptocurrency.

A large part of the surge has been pinned on the 15th June spot Bitcoin ETF application by BlackRock, followed by similar filings coming in from Invesco, Fidelity, Valerie, and Wisdom Tree. Since the filings, the price of the cryptocurrency has increased by 25.2% to a sum of $31,131. The dominance of Bitcoin- which is a measure of the market cap relative to the total market cap of all the cryptocurrencies. 

Michael Shaulov, the CEO of Fireblocks, stated that there was a fair amount of interest from institutional investors. He further claimed that the narrative around Bitcoin has been less specific but stated most investors see the need to hold this cryptocurrency.