Bitcoin remains ‘primary focus’ for investors amid year highs: CoinShares

Over the past two weeks, investments in Bitcoin products have seen an influx of a staggering $310.6 million. Coinshares’ Head of Research, James Butterfill, elaborates that institutional investors have been largely “focused” on the cryptocurrency throughout this period, expressed in the inflows constituting 98% of all digital asset flows during said period. Those statistics contrast with the nine-week trend appearing prior which brought about consecutive outflows. Mining products such as Bitcoin experienced a minor outflow amounting to $0.9 million in the recent weeks.

As the Bitcoin euphoria builds, this bears out a string of ETF applications from titans such a BlackRock on June 15, joined shortly after by other heavyhitters in the industry, which has substantiated a 25.2% price rise since filing the applications to its current state of $31,131. Simultaneously, Ethereum products have passively released inflows to the current tune of approximately $2.7 million in the space of a week – reversing any prior outflows trends. Venture CEO, Michael Shaulov, highlights that speculation has been largely catered towards the tandem of Bitcoin and Ethereum, with enthusiasm for other, secondary cryptocurrencies being lower by comparison. His words further remark the convenience that lies in the application of cryptocurrencies such as Bitcoin and Ethereum, enumerating the utility of Ethereum in its native blockchain platform, Ethereum Virtual Machine (EVM).

Robert Wilson author
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