Investors are still focused on Bitcoin despite its recent high prices, according to CoinShares.

Bitcoin (BTC) has been the main focus for institutional investors in the past two weeks, according to a report from CoinShares. The cryptocurrency has been reaching new highs for 2023. Bitcoin-related products received inflows of $310.6 million in the last two weeks, accounting for the majority of crypto product inflows. CoinShares’ head of research, James Butterfill, stated that Bitcoin remained the primary focus for investors, with 98% of all digital asset flows in the past two weeks being directed towards Bitcoin. This marks a reversal from nine consecutive weeks of outflows. Short Bitcoin products also experienced a minor outflow of $0.9 million in the last week. It’s the second time this year that Bitcoin products have accounted for 98% of inflows into cryptocurrency investment products, coinciding with a surge in Bitcoin’s price and dominance. The surge has been attributed to the spot Bitcoin ETF application by BlackRock on June 15, followed by similar filings from Fidelity, Invesco, Wisdom Tree, and Valkyrie. Since then, the price of Bitcoin has increased by 25.2% to $31,131. Bitcoin’s dominance, which measures its market cap relative to the total market cap of all cryptocurrencies, has risen to 51.46%.

Last week, Ethereum investment products saw inflows of $2.7 million, marking the second week of inflows after a prolonged outflow trend.

Fireblocks CEO Michael Shaulov mentioned that institutional investors have shown significant interest in core assets like Bitcoin and Ether (ETH), but less interest in alternative cryptocurrencies. The narrative around Ethereum is that it is likely to be the future ecosystem for tokenization, given its Ethereum Virtual Machine (EVM) base. As for Bitcoin, while the narrative around it is less specific, most investors recognize the need to hold the cryptocurrency.

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