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•Acting as a catalyst to BTC’s price, as soon as Elon Musk tweeted, BTC’s price depreciated by a significant 10%.
•ETH inflows increased to $27 million, alone.
•Cardano and Polkadot inflows amount to $6 million and $3.3 million, respectively.
On the one hand, institutional investors are dumping; on the other hand, Ether investment products’ volumes are increasing considerably, suggests a CoinTelegraph article.
Massive BTC Dump Followed by Elon Musk’s Tweet
The “Digital Asset Fund Flows” weekly report by CoinShares suggests that institutional BTC outflow was the largest in the previous week. Heavily influenced by Elon Musk’s tweets, assets worth $98 million amounting to 0.2% of the total assets under management. A few days ago, through his tweets, Elon Musk hinted that Tesla might stop the inflow of BTC. He acted as a catalyst to BTC’s price; as soon as he tweeted, BTC’s price depreciated by a significant 10%.
Net Inflows on Other Cryptos Have Increased to $48 Million
However, soon, institutional investors have increased their interest in ETH and other crypto assets. The investment inflows on other alternative cryptocurrencies such as ETH, Cardano, and so on have increased by $48 million. While excluding BTC assets, institutional investors seem to accumulate other alternatives for it. More than half of the investment in the alternative crypto was accounted to Ether. ETH inflows increased to $27 million. At the same time, Cardano and Polkadot inflow amount to $6 million and $3.3 million, respectively.
The CoinShare report stated that investors have been diversifying out of Bitcoin and into other altcoin investments. As of October 2020, the Digital asset investment products saw an outflow of $50 million. It suggests that institutional focus is shifting from bitcoin to other crypto alternatives.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
