Institutional funds and individual whales have injected a total of $278.7 million into the cryptocurrency market this week. The funds came into the market through USDT and could soon be converted into cryptocurrencies of their choice.
Lookonchain was the first to dish out the whale entry and the development indicates that prices could surge this week. “3 whales/institutions injected 278.7M USDT into the crypto market today!” read the tweet.
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Whales and institutional funds injected millions into the ecosystem with the intention of acquiring cryptocurrencies of their choice. The first choices for institutions to take entry positions are mostly Bitcoin and Ethereum.
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Cryptocurrency Market Receives a New Influx of Funds Worth $279 Million
Bitcoin is currently trading at the $65,900 level on Wednesday and is only a stone’s throw away from hitting $66,000. The broader cryptocurrency market is also on the greener side of the spectrum as leading altcoin moves in tandem with Bitcoin.
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The cryptocurrency market could experience a surge in price this month due to the influx of new institutional funds. The last time institutional investors took entry positions in Bitcoin ETF made BTC hit a new all-time high of $73,737. BTC hit the ATH in March 2024 on the heels of the Bitcoin halving event.
Trillion-dollar asset management funds like BlackRock, Greyscale, and Valkyrie, among others, provide Bitcoin ETF service to their clients. The move allowed top institutional funds to enter the cryptocurrency market and reap the rewards that it has to offer.
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Reports are doing the rounds that the SEC could also approve Ethereum ETF by the end of 2024. If that happens, then the cryptocurrency market will attract further buying pressure leading to altcoins touching new yearly highs. Both Bitcoin and Ethereum could breach their previous all-time highs and enter new territories.