Institutional Whales’ Transactions Over the Past Week Revealed: They Sold Bitcoin (BTC) and Ethereum (ETH), and Bought These Altcoins!

While May started well for Bitcoin (BTC) and altcoins, the last few weeks have seen a decline. At this point, BTC has fallen to around $76,000, while Ethereum (ETH) is approaching $2,000.

Amidst the uncertainty stemming from tensions between the US and Iran, and the resulting possibility of the Fed raising interest rates in response to rising inflation, Coinshares released its cryptocurrency report this week, stating that there was a $1.47 billion outflow from cryptocurrencies last week.

Exit Bitcoin and Ethereum, Enter Altcoins!

Looking at crypto funds individually, outflows are concentrated in Bitcoin. BTC experienced outflows of $1.31 billion, while the largest altcoin, Ethereum (ETH), saw outflows of $222.8 million.

Looking at other altcoins, a positive sentiment prevails. Accordingly, XRP saw inflows of $31.8 million, Near (NEAR) $9 million, Solana (SOL) $7.7 million, Sui (SUI) $2.2 million, and Chainlink (LINK) $1.4 million.

Looking at regional fund inflows and outflows, the US ranked first with an outflow of $1.42 billion.

After the US, Switzerland ranked second with outflows of $16.2 million, while Canada came in third with outflows of $12.5 million.

*This is not investment advice.

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