Institutional Investors Sell Bitcoin & Ethereum, Buy XRP & Solana

Institutional investors are currently bearish on Bitcoin (BTC) and Ethereum (ETH), with CoinShares reporting a significant outflow of $1.2 billion from digital asset funds globally over the past two weeks. This indicates a "true correction" is underway, likely driven by pessimism regarding interest rate cuts by the US FED. Bitcoin saw the largest outflow at $630 million, while altcoins like Solana (SOL) and XRP witnessed inflows. Solana recorded $2.7 million in buying, while XRP saw $0.7 million in investments, indicating a shift in investor sentiment towards these alternatives. The sell-off was mainly concentrated in the United States and Canada, with Switzerland and Brazil seeing inflows. James Butterfill, head of research at CoinShares, suggested that investors may be seeing the weakness in the altcoin market as a buying opportunity.