{"id":329976,"date":"2024-06-24T17:50:41","date_gmt":"2024-06-24T12:20:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/institutional-investors-sell-bitcoin-ethereum-worth-690m-buys-xrp-crypto-news\/"},"modified":"2024-06-24T17:54:03","modified_gmt":"2024-06-24T12:24:03","slug":"institutional-investors-sell-bitcoin-ethereum-worth-690m-buys-xrp-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/institutional-investors-sell-bitcoin-ethereum-worth-690m-buys-xrp-crypto-news\/","title":{"rendered":"Institutional Investors Sell Bitcoin, Ethereum Worth $690M, Buys XRP – Crypto News"},"content":{"rendered":"

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At a time when institutional investors are bearish on Bitcoin (BTC) and Ethereum (ETH), altcoins<\/a> such as Solana (SOL) and XRP are seen as better alternatives. CoinShares claims further outflows from digital assets funds globally indicate a \u201ctrue correction\u201d is underway. Digital asset investment products have recorded $1.2 billion in outflows in two weeks.<\/p>\n

Crypto Assets Saw Second Consecutive Week Of Selloff<\/h2>\n

The $1.2 billion outflow from digital asset investment globally reflects pessimism amongst institutional investors for interest rate cuts by the US FED this year. Digital asset investment products recorded $584 million outflow in a week, according to a CoinShares<\/a> report on June 24.<\/p>\n

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James Butterfill<\/strong>, head of research at CoinShares, said \u201cBitcoin was the primary focus, seeing US$630m in outflows, but recent negative sentiment has not seen investors add to short positions. Multi-asset products saw US$98m inflows, suggest investors seen the weakness in the altcoin market as a buying opportunity.\u201d<\/p>\n

The selloff mostly came from investors in the United States and Canada, accounting for $475 million and $109 million, respectively. They are followed by Germany, Hong Kong<\/a>, and Sweden. Interestingly, Switzerland and Brazil defied the selloff and saw inflows of $39 million and $48.5 million, respectively.<\/p>\n

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Also Read: Crypto Market Crash \u2014 Here\u2019s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today<\/a><\/strong><\/p>\n

Solana and XRP Recorded Buying<\/h2>\n

Altcoins such as Solana, XRP, Litecoin and Polygon saw inflows as Bitcoin, Ethereum and Cardano remained under selling pressure. Bitcoin price fell under $61k and Ethereum below $3,300, both recording a dip of 5% in the past 24 hours.<\/p>\n

Solana recorded $2.7 million in buying by investors in a week. SOL price<\/a> currently trades at $125, down 6% today amid a market-wide selloff. The 24-hour low and high are $123.67 and $134.22, respectively.<\/p>\n

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Meanwhile, XRP saw $0.7 million in investments in a week. XRP price<\/a> fell 2% in the past 24 hours, with the price currently trading at $0.475. The 24-hour low and high are $0.469 and $0.485, respectively. Furthermore, the trading volume has increased by 165% in the last 24 hours.<\/p>\n

Also Read: Political Memecoins Might Be Biggest Winner In Trump Vs Biden Debate<\/a><\/strong><\/p>\n

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\n<\/p><\/div>\n

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