There are all kinds of optimistic predictions about the price of Bitcoin and the altcoins these days amidst the crypto market explosion.
It’s just revealed that CoinShares said that BTC is taking a big chunk of the institutional capital as the sentiment in the crypto markets remains a positive one.
In their weekly report, CoinShares said that the total amount of crypto assets under management (AUM) is only 5% away from setting an ATH due to recent positive price action.
More than that, as the online publication the Daily Hodl notes, the firm also said that the SEC head Gary Gensler’s recent hints about possibly supporting a Bitcoin futures exchange-traded fund (ETF) could have fueled the rise in sentiment.
“Bitcoin saw inflows totaling US$225m, comprising a significant majority of the total.”
The notes continued and said the following:
“We believe the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC Chair Gary Gensler, potentially allowing a Bitcoin ETF in the US.”
Ethereum and altcoins prices
CoinShares said that Etheruem (ETH) once again conceded a portion of institutional flows to Bitcoin.
It’s been revealed that the digital asset gave up 1% of total AUM over the last week. Looking at altcoins in general, the firm has mixed findings.
“It was a mixed picture in other altcoins with recent favorites Solana [SOL] (US$12.5m) and Cardano [ADA] (US$3m) continuing to see inflows, suggesting the focus hasn’t entirely switched to Bitcoin.”
The notes also stated the following:
“Other altcoins, namely Polkadot [DOT,] XRP, and Litecoin [LTC] didn’t fare so well with outflows of US$2.1m, US$0.6m, and US$0.2m respectively.”
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $57,290.35.
Ethereum is trading in the red and the digital asset is priced at $3,454. Stay tuned for more news.