This week will be a critical week for Bitcoin and altcoins. Because while the FED will announce its June interest rate decision, inflation data will also come from the USA.
While all eyes are on FED and US data in the BTC and cryptocurrency markets, Coinshares published its weekly cryptocurrency report.
Stating that there was an inflow of $2 billion in cryptocurrency investment products last week, Coinshares said that these inflows were in anticipation of an interest rate cut.
“Cryptocurrency investment products have seen a total of $2 billion in inflows, bringing the last 5-week inflow streak to $4.3 billion.”
Bitcoin (BTC) Became the Focus!
When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.
While BTC experienced an inflow of $1.97 billion, the largest altcoin Ethereum (ETH) continued to see inflows due to the spot ETF news and experienced an inflow of $68.9 million.
There was an outflow of $5.3 million in the short BTC fund indexed to Bitcoin's decline.
When we look at other altcoins, Fantom (FTM) experienced a small inflow of $1.4 million, XRP $1.2 million, and Solana (SOL) $0.7 million.
“Bitcoin, which saw an inflow of $1.97 billion during the week, was again the main focus, while short Bitcoin saw a total outflow of $5.3 million for the 3rd week in a row.
Ethereum saw its best week since March, experiencing total inflows of $69 million, likely in response to the SEC's surprise decision to allow spot ETFs.
Altcoins saw little movement; Phantom and XRP stood out and saw inflows of $1.4 million and $1.2 million respectively.”
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 1.98 billion dollars.
After the USA, Hong Kong ranked second with 26.1 million dollars, and Canada ranked third with 12.7 million dollars.
Against these inflows, Sweden experienced an outflow of 9.2 million dollars.
*This is not investment advice.