CoinShares: Bitcoin Remains ‘Primary Focus’ for Investors at Year Highs

Bitcoin Reaches New Highs for 2023

Over the last two weeks, institutional investors have primarily been concentrating on Bitcoin (BTC), as the cryptocurrency has been reaching new highs for 2023, as reported by Coinshares.

In a report from CoinShares’ Head of Research James Butterfill on July 3, it was noted that Bitcoin-related products had inflows of $310.6 million over the last two weeks, making up the majority of crypto product inflows.

“Butterfill noted that Bitcoin was still the primary focus of investors, with the past two weeks’ inflows accounting for 98% of all digital asset flows.”

For the last two weeks, inflows have been seen instead of the prior nine weeks of outflows. Additionally, short Bitcoin products experienced a slight outflow of $0.9 million in the past week.

It is the second time this year that the majority of inflows into cryptocurrency investment products have been for Bitcoin products, coinciding with Bitcoin’s price and market share increasing significantly.

Much of this increase has been attributed to BlackRock’s submission of a Bitcoin ETF on June 15th, as well as similar filings from Fidelity, Invesco, Wisdom Tree, and Valkyrie.

Since the filing, Bitcoin’s price has gone up 25.2% to $31,131 at present. Additionally, its dominance in the cryptocurrency market, which is determined by its market capitalization compared to the total market cap of all other cryptos, has risen to 51.46%, as per the data.

Last week, $2.7 million flowed into Ethereum investment products, marking the second week of inflows that have reversed a long period of outflows.

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On June 26, when conversing with Cointelegraph, Michael Shaulov, CEO of Fireblocks, expressed that there is a “considerable amount of enthusiasm” from institutional investors in main crypto assets like Bitcoin and Ethereum, but not as much in alternative digital currencies.

Shaulov remarked that the discussion concerning Bitcoin has been less precise, yet he pointed out that most investors perceive the requirement to possess the digital currency.

William Clemente III predicts that Bitcoin will reach six figures by the end of 2024 in the magazine “Hall of Flame”.