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While there is a lull in the cryptocurrency market, statistics are beginning to give the first encouraging hints.
The CoinShares report of July 5 showed that last week, cryptocurrency investment funds recorded an influx of funds for the first time in a month. This suggests that institutional investors are again set to increase the price, despite the large-scale market correction.
In total, the crypto funds received $63 million in fresh capital last week. The largest inflow of $29.1 million was recorded by the Canadian ETF provider Purpose Investments.
$39 million or 61% of the total amount was invested in the main cryptocurrency - Bitcoin. But the major altcoins also saw an influx, not an outflow, for the first time in 9 weeks.
The main inflow among alternative coins was noted in Ethereum, which amounted to $18 million. The second cryptocurrency has surpassed Bitcoin over the past week ahead of the long-awaited and hotly debated EIP-1559 update, which is expected to take place this month.
Polkadot received an inflow of $1.2 million, Ripple received $2.1 million, and Cardano received $0.7 million.
These figures may be encouraging for the bulls after a five-week series of outflows. But this is almost nothing compared to the colossal inflow of $4.5 billion that crypto funds collectively saw in the first quarter of the year.
The modest capital inflows recorded last week may indicate that investors are now testing the waters but are not yet ready for the deep dive seen in early 2021.
Moreover, according to CoinShares, Bitcoin's trading turnover has now reached its lowest level since November 2020, which indicates a decrease in interest.
Meanwhile, nothing has changed significantly on the Bitcoin chart. The price continues unsuccessful attempts to break above the intermediate mirror level at 34,708.27 in the middle of the wide corridor 31,082.82 - 41,980.24.
The volatility of the main cryptocurrency has slowed down, and altcoins are not very dynamic either. All previous forecasts remain relevant, and to enter a trade, you need to wait for the entry point with minimal risk.
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