Over the last few months, there has been a lot of fluctuations in the prices of cryptocurrencies. A prime example of the fluctuation is Bitcoin. The community saw that the price of Bitcoin experienced heavy lows. However, things are sort of getting back on track.
According to the data from crypto best sites, there has been a weekly inflow of about $193 million. This value is more than half of the figure that has been provided to Bitcoin alone. However, Bitcoin wasn’t the only one that was going through fluctuations in price.
There are some other cryptocurrencies as well. However, things seemed to have improved for these cryptocurrencies in the best way. According to reports from CoinShares, Solana also has been getting a lot of attention while breaking a major record during the entire process.
On the 29th of March, it was revealed from the data provided by CoinShares, a crypto-analysis firm that the different institutional investments that are being made in cryptocurrencies are definitely at the highest levels ever.
The increase is definitely an important factor to consider since the previous week when the community saw outflows of about $47 million in total. The report for the cryptocurrencies’ value and growth improving a little has made the community of cryptocurrency takes a sigh of relief.
A report on Digital Asset Fund Flows was released today that revealed some interesting facts about the value of the different digital assets that we have. The investment products for various digital assets revealed total inflows to achieve the value of $193 million just last week. Cryptocurrencies have not exactly seen this level since the early December of the year 2021.
Fund Flows Focused Majorly on Bitcoin and Solana
The last time investment levels were near the current figure was in the week ending on December 3rd, which saw $184 million worth of inflows. The fund flows had a big focus on Bitcoin (BTC), with just over 50% of the capital going into products based on BTC, which saw inflows totaling $98 million.
Solana (SOL) was runner-up, seeing $87 million inflows for the week, a figure that CoinShares says is the “largest single week of inflows on record”. SOL-based funds now represent 36% of assets under management with institutional firms, the largest altcoin after Ethereum (ETH). Ether-based funds saw inflows last week totaling just $10.2 million.
Europe was the significant contributor, with firms there seemingly bolstered by the news that the bill banning proof-of-work (PoW) mining did not pass. 76% of inflows or about $147 million came from the region last week.
The figures from the report are in sharp contrast to the data the week prior, which saw $49.4 million withdrawn from Bitcoin and Ethereum from mostly North American firms with concerns regarding increasing crypto regulations.
The cash inflows that have been generated from the institutional firms are actually correlating with the price increase that has been recently seen in the case of Bitcoin. Quite recently, the price of Bitcoin went up to a striking $48,500.
The same case could be seen for the second most popular cryptocurrency in the world Ethereum as the cryptocurrency saw growth in price and reached up to $3300 at one point in time.
It was just last week when different executives from the crypto firms Amber Group and Nexo met to discuss the growth of institutional investments related to cryptocurrencies. The discussion took place at the Blockchain Africa Conference of 2022.
The executives had a discussion about the institutional onboarding of cryptocurrencies, despite having so many challenges to face on that particular front. According to reports from crypto best sites for price viewing, the market of cryptocurrency is still pretty volatile and hence there might be some barriers left to conquer.
Also Read: Tuition fees will be Collected in Bitcoin and Ethereum at a Dubai School
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