According to a recent CoinShares report, last week institutional investors increased their bets on XRP and Bitcoin while significantly withdrawing funds from ADA and Ethereum.
Investments in XRP and Bitcoin
Investors added $0.1 million to XRP, while Bitcoin attracted $284 million in institutional money. The total net inflow into digital assets for the week amounted to $321 million.
Losses for ADA and Ethereum
Cardano (ADA) saw an outflow of $0.2 million, while Ethereum lost $28.5 million. BNB also faced outflows amounting to $0.7 million, surpassing the outflows of ADA and TRX.
Cryptocurrency Market Growth
Bitcoin surpassed $64,000, prompting an 11% increase over the week. Ethereum also surged by 17%. This is attributed to the Federal Reserve's decision to cut interest rates by 50 basis points.
The cryptocurrency market responded positively to the Federal Reserve's rate cut, leading to significant institutional inflows into Bitcoin and XRP.
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