Altcoins Take Backseat As Institutional Investors Give Full Attention to Bitcoin
CoinShares’ data show that Bitcoin has nearly taken the entire focus of investors over all coins:
“Bitcoin has again been almost the sole focus for investors, with inflows of $104m last week, bringing its total 4-week run to $310m. We believe this is a flight to safety by investors fearful of the ongoing traditional finance challenges. Opinion remains divided though, with short bitcoin seeing inflows totaling $14.6m last week.”
Despite Ethereum’s (ETH) successful Shapella upgrade, the leading smart contract platform only took in $0.3 in inflows.
All altcoins took a backseat to BTC last week, with Solana (SOL) products suffering outflows of $2.1 million. Cardano (ADA) and XRP products took in $100,000 a piece while Litecoin (LTC) products raked in $200,000.