Corporate Giants Navigate the Downturn: Exiting Solana and Ethereum, Embracing Bitcoin and Top Altcoins for Success!

Cryptocurrency Investment Products See Record $2.9 Billion Inflows, Surpassing Previous Week's High

Cryptocurrency investment products witnessed a surge in inflows, reaching a record-breaking $2.9 billion, according to Coinshares' latest report. This surge surpassed the previous week's high of $2.7 billion. Year-to-date, inflows have reached $13.2 billion, outpacing the entirety of 2021.

Bitcoin Dominates Cryptocurrency Inflows, Ethereum Witnesses Outflows

Bitcoin (BTC) emerged as the primary recipient of inflows, with $2.89 billion, representing over 95% of total inflows. Meanwhile, Ethereum (ETH) experienced outflows of $13.9 million. Notably, funds indexed to Bitcoin's decline saw increased inflows, with the Short Bitcoin fund receiving $26.1 million.

Litecoin, Polkadot, and Cardano Witness Inflows, Solana Sees Outflow as Corporate Whales Favor Bitcoin

Litecoin (LTC) saw inflows of $2.3 million, while Polkadot (DOT) and Cardano (ADA) received $3.1 million and $1.2 million, respectively. Solana (SOL), however, experienced an outflow of $2.7 million.

Corporate whales shifted their portfolios, favoring Bitcoin over other cryptocurrencies. Ethereum, Solana, and Polygon encountered outflows of $14 million, $2.7 million, and $6.8 million, respectively.

US Dominates Cryptocurrency Fund Inflows; Switzerland Faces Significant Outflows

The United States led in fund inflows with $2.95 billion, followed by Brazil with $23.7 million. However, Switzerland received $32.6 million in outflows, while Sweden and Canada experienced mixed movements, with $21.2 million in inflows and $14.9 million in outflows, respectively.