Institutional Crypto Investments Reach $1.76B, Bitcoin ETF Looms

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Record Inflows Into Crypto Funds

In the last week, institutional investors have invested $176 million in cryptocurrencies, raising the total amount over the last ten weeks to an impressive $1.76 billion. This series of inflows was the largest since October 2021.

Bitcoin Leads the Bull Run

Bitcoin, the world’s largest cryptocurrency, received over $132 million in capital inflows. This brought the aggregated capital inflow into Bitcoin on an annual basis to an incredible $1.6 billion. Bitcoin has led the current bull run and reached values last seen before the start of the bear market. Recently, Bitcoin reclaimed the $41,000 mark after 18 months and seems to continue pushing north.

Ethereum’s Year-End Boom

Ethereum, the second most popular cryptocurrency, also recorded net purchases from institutional investors. With the latest inflows of $31 million, Ethereum’s five-week run rose to $134 million. In addition, for the first time in 2023, Ethereum recorded positive annual net inflows of $10 million. This is noteworthy as Ethereum was long shunned by investors in 2023.

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Institutional Investors and Cryptocurrencies

Institutional investors’ enthusiasm for cryptocurrencies is likely to increase as the final deadline for the approval of the ARK 21Shares Bitcoin ETF approaches in January 2024. According to a recently published report by crypto exchange Bybit, these investors held more than 50% of their assets in BTC and ETH in September 2023. In addition, their portfolio allocation in BTC increased significantly in September.

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