CoinShares report reveals that the institutional inflows into BTC hit a 21 week high of $225 million in the previous week.
Growth Seen Across BTC, SOL, and BSC
Last week, Bitcoin (BTC) witnessed over $225 million of inflows through various popular Exchange Traded Products (ETPs), mutual funds and over-the-counter (OTC) trusts that reference BTC as the underlying asset.
These channels of investment are those usually used by institutional investors to gain exposure to digital assets like BTC and ETH. The institutional inflows last week into BTC rose to a 21 week high, as per the CoinShares report, titled ‘Digital Asset Fund Flows Weekly.’ Despite ETH posting impressive gains this month, the token witnessed outflows in the previous week while Solana (SOL) and Cardano (ADA) continued to have inflows.
“Bitcoin saw inflows totalling US$225, comprising a significant majority of the total. We believe the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC chair Gary Gensler, potentially allowing a Bitcoin ETF in the US,” explained the CoinShares report further.
Bitcoin, Ethereum, and Solana are not only cryptocurrency assets that have shown encouraging growth in this recovery from the market slump lasting through June and July this year. The Binance Smart Chain (BSC) has shown tremendous growth as a network all through this year and so has the native token, Binance Coin (BNB). In fact, as previously reported by BSC.news, BSC surpassed Ethereum’s number of daily transactions back in February and now is transacting 10 times the daily volumes compared to Ethereum at one-tenth of the gas fees.
About Bitcoin
Bitcoin (BTC) with the virtue of being the first cryptocurrency to come into existence, holds its place as the flagship digital currency to this stage. The total circulation of the token is capped at 21 million coins and the current circulating supply is 18.84 million tokens as per data from CoinMarketCap. The previous significant high for institutional inflows into BTC was over $310 million seen in the last week of May this year, just after the market-wide slump began after an impressive bull run.
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Source : bsc.news
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