There was a bloodbath in Bitcoin and global markets on Monday. While the interest rate decision of the Bank of Japan was effective on the basis of this decline, there was a huge sales wave in BTC and altcoins.
While BTC fell below $ 50,000 with these sales, the recovery in global markets also caused Bitcoin and altcoins to rise.
While this sharp and sharp decline caused investors to panic and fear, institutional investors began to fill their wallets.
James Butterfill, head of research at CoinShares, who analyzed the trends of institutional investors during the decline, said institutions stayed away from Bitcoin and bought Ethereum (ETH).
Sharing from his account X, Butterfill said that according to CoinShares data, corporates bought the decline in Ethereum.
According to Butterfill's post, in the first two days after the drop, there was an outflow of $165 million from Bitcoin funds, while there was an inflow of $175.5 million in Ethereum.
“The first two days of trading after market declines reveal investors staying away from Bitcoin and buying Ethereum.”
In his previous post, Butterfill stated that institutional investors turned to Ethereum and that there was much more purchase of Ethereum than Bitcoin.
The first two days of trading post market falls reveal investors are shunning Bitcoin and buying Ethereum pic.twitter.com/kFVKSEA98A
— James Butterfill (@jbutterfill) August 7, 2024
*This is not investment advice.
