Bitcoin remains ‘primary focus’ for investors amid year highs: CoinShares
Meanwhile, Ethereum investment products inflows was available in at $2.7 million recently, the 2nd week of inflows that have reversed a prolonged outflow trend.Related: Why approving a Bitcoin ETF might unleash $18B in sell-pressure Speaking to Cointelegraph on June 26, Fireblocks CEO Michael Shaulov said there has been a “reasonable quantity of interest” from institutional investors in core possessions such as Bitcoin and Ethereum, but less so in alternate cryptocurrencies. “The story around Ethereum is basically the understanding that future communities of tokenizeation are most likely to be EVM-based. And if theyre EVM based, then Ethereum is going to play out as utility.” Shaulov stated the narrative around Bitcoin has actually been less specific, but notes that a lot of investors see the need to hold the cryptocurrency. Publication: Hall of Flame: William Clemente III ideas Bitcoin will hit six figures towards end of 2024
Brief Bitcoin items also experienced a small outflow of $0.9 million over the last week.Its the 2nd time this year that Bitcoin items have accounted for 98% of inflows into cryptocurrency financial investment items, and comes in the middle of a rise in Bitcoins rate and dominance.Bitcoin accounted for 98% of digital asset financial investment item inflows over the last fortnight. Source: CoinShares.Much of this rise has actually been pinned on BlackRocks June 15 area Bitcoin ETF application, followed by similar filings from the likes of Fidelity, Invesco, Wisdom Tree and Valkyrie.Since the filing, the rate of Bitcoin has increased 25.2% to $31,131 at the time of writing. Bitcoins supremacy– which is a procedure of its market cap relative to the overall market cap of all cryptocurrencies– has increased to 51.46%, according to data.Bitcoin Fear and Greed Index is 64– GreedCurrent cost: $31,158 pic.twitter.com/Tl8vVQp9GA— Bitcoin Fear and Greed Index (@BitcoinFear) July 4, 2023.
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Other Questions People Ask
What factors are contributing to Bitcoin being the ‘primary focus’ for investors amid year highs according to CoinShares?
According to CoinShares, Bitcoin has become the primary focus for investors due to its significant market dominance and recent price increases. The cryptocurrency accounted for 98% of inflows into digital asset investment products, driven largely by institutional interest and recent ETF applications from major firms like BlackRock and Fidelity. This surge in interest has resulted in Bitcoin's price rising by over 25% recently, reinforcing its position as a leading asset in the cryptocurrency market.
How does Bitcoin's market dominance compare to Ethereum's amid year highs as reported by CoinShares?
CoinShares reports that Bitcoin's market dominance has increased to 51.46%, significantly overshadowing Ethereum's recent inflows of $2.7 million. While Ethereum has seen a reversal in its prolonged outflow trend, it still does not match the level of investor focus that Bitcoin currently enjoys. Institutional investors are showing a preference for Bitcoin as a core asset, indicating a stronger belief in its long-term value compared to alternative cryptocurrencies.
What role do institutional investors play in Bitcoin's status as the ‘primary focus’ for investors?
Institutional investors are playing a crucial role in Bitcoin's status as the primary focus for investors, as highlighted by Fireblocks CEO Michael Shaulov. He noted a "reasonable quantity of interest" from these investors in Bitcoin and Ethereum, suggesting that they view these assets as foundational to their portfolios. This institutional backing has contributed to Bitcoin's recent price surge and its dominance in the cryptocurrency investment landscape.
What impact could the approval of a Bitcoin ETF have on investor interest according to CoinShares?
The approval of a Bitcoin ETF could significantly amplify investor interest, potentially unleashing up to $18 billion in sell-pressure, as suggested by industry analysts. This anticipated approval is seen as a catalyst for further inflows into Bitcoin investment products, reinforcing its position as the primary focus for investors. The influx of institutional capital following such approvals could drive Bitcoin's price even higher, attracting more retail investors as well.
How does the current sentiment reflected in the Bitcoin Fear and Greed Index relate to its status among investors?
The current sentiment reflected in the Bitcoin Fear and Greed Index, which stands at 64 (Greed), indicates a strong bullish outlook among investors. This sentiment aligns with Bitcoin's recent price performance and its dominance in the market, reinforcing its status as the primary focus for many. As investor confidence grows, it is likely that more capital will flow into Bitcoin, further solidifying its leading position in the cryptocurrency space.