Institutional investors have rallied around XRP and other altcoins this past week, with nearly $33 million being injected in XRP investment products.
The ether rally appears to be more organic and driven from within the crypto industry.
Institutions and “whales” have continued their bitcoin purchases, on-chain data shows.
CoinShares has noted significant outflows from institutional products this past week, signaling some institutions have been realizing profits amid BTC’s recent pull-back.
Some stats indicate Bitcoin’s current rally could be more reliant on institutional investors than ever before.
Bitcoin’s active addresses and trading volumes broke their previous all-time high set in late 2017.
‘Bitcoin Rich List’ broke its all-time high as bitcoin’s price continues to rally.
Bitcoin fell to the $26,000 level after it hit above $28,000 on Sunday, yet markets remain bullish on both retail and institutional interest.
Metamask is seeking to grow the $14 billion DeFi ecosystem by attracting institutional investors with a new wallet that could “run a professional DeFi trading desk.”
“We are seeing a new group of investors who are Ethereum-first and in some cases Ethereum-only,” Michael Sonnenshein told Bloomberg.