Crypto funds rose to a total of $1.24 billion in weekly inflows, indicating bullish sentiment among investors, in recent news.
Bullish sentiment among institutional investors continues as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP saw another week of inflow, as per a report.
Experts such as BitMEX co-founder Arthur Hayes and Galaxy Digital CEO Mike Novogratz also stay bullish despite a panic selloff amid the geopolitical tensions in the Middle East.
Crypto Funds Record Bullish Demand: CoinShares
Crypto funds saw $1.24 billion in inflows, the 10th consecutive week of inflows, reported CoinShares on June 23. The total year-to-date (YTD) inflows have reached a new high of $15.1 billion.
However, the US Juneteenth holiday and reports of US involvement in the Iran conflict have somewhat impacted inflows data.
Bitcoin saw $1.1 billion in inflows, indicating investors were buying on weakness. Recently, Bitcoin 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.
Moreover, Litecoin (LTC), SUI, Cardano (ADA), and Chainlink (LINK) also witnessed inflow. However, the buying activity for these altcoins remained low.
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.
Institutional investors were largely bullish in the United States, with inflows of $1.25 billion. Canada and Germany also recorded inflows of $20.9 million and $10.9 million, respectively.
In contrast, crypto funds in Hong Kong and Switzerland recorded outflows of $32.6 million and $7.7 million, respectively.
Crypto News: Experts Remain Bullish on the Crypto Market
Arthur Hayes, Mike Novogratz, Changpeng “CZ” Zhao joined other experts such as Nate Geraci, Eric Balchunas, and other analysts to express bullish sentiment.
Hayes believed the Bitcoin price drop under $99K and immediate recovery to above $100K indicated confidence among investors.
Mike Novogratz also shared a bullish scenario for Trump and risk assets, including Bitcoin. He thinks Iran doesn’t seem to have a strong counterattack, and the concerns over the geopolitical tensions would fade.
Novogratz suggested that the next 72 hours are really important for Bitcoin and global markets. He predicted markets will recover much higher by the end of the week if there is no major counterattack by Iran.
CZ reminded the crypto community that the price always dips before moving to the next all-time high.
However, he added that only a few strong coins with “long-term staying power and growth potential” will make new ATH.
Bitcoin Price Performance
BTC price briefly dipped below $100K, falling 6% to a low of $98.2K. This marked its lowest move since breaching the $100k psychological level.
The selloff extended across major altcoins, as reported in crypto news reports, catalyzed by Iran’s threat to shut the Strait of Hormuz, a move that would severely disrupt global oil flows.
QCP Capital said BTC’s reclaim of $100K suggested that the “weekend drawdown was macro-driven, with investors turning to crypto as a hedge while awaiting equity futures to open.” The move amid low liquidity triggered over $1 billion in liquidations across the market.
