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According to Coinshares, Bitcoin (BTC) has been the “mainstream” for institutional investors over the past two weeks as the cryptocurrency continues to make new highs for 2023.
In a July 3 report from CoinShares head of research James Butterfill, the analyst noted that Bitcoin-related products received $310.6 million in inflows over the past two weeks, accounting for the vast majority of cryptocurrency product inflows.
“Bitcoin remained the focus of investors […] with inflows over the past 2 weeks accounting for 98% of all digital asset flows,” Butterfill said.
The last two weeks of inflow are a reversal from the previous nine consecutive weeks of outflow. Short bitcoin products also experienced a minor outflow of $0.9 million over the last week.
This is the second time this year that Bitcoin products account for 98% of the influx into cryptocurrency investment products, and this comes against the backdrop of the rise in price and dominance of Bitcoin.
Much of this surge was attributed to BlackRock’s June 15 Bitcoin ETF filing, followed by similar filings from the likes of Fidelity, Invesco, Wisdom Tree, and Valkyrie.
Since filing, the price of Bitcoin has risen 25.2% to $31,131 at the time of writing. According to the data, Bitcoin dominance, which is a measure of its market capitalization in relation to the total market capitalization of all cryptocurrencies, has risen to 51.46%.
Bitcoin Fear and Greed Index is 64 – Greed
Current price: $31,158 pic.twitter.com/Tl8vVQp9GA— Bitcoin Fear and Greed Index (@BitcoinFear) June 4, 2023
Meanwhile, the influx of Ethereum investment products last week was $2.7 million, the second week of inflows that reversed the long-term outflow trend.
Related: Why Bitcoin ETF Approval Could Lead to $18 Billion Selling Pressure
Speaking to Cointelegraph on June 26, Fireblocks CEO Michael Shaulov said institutional investors are showing “hefty interest” in core assets like Bitcoin and Ethereum, but less so in alternative cryptocurrencies.
“The narrative around Ethereum is largely an understanding that future tokenization ecosystems are likely to be based on the EVM. And if they are based on the EVM, then Ethereum will play the role of a utility.”
Shaulov said the bitcoin narrative was less specific, but notes that most investors see the need to hold the cryptocurrency.