According to Coinshares data, institutional investors are taking advantage of the current market declines to purchase Bitcoin, XRP, Algorand, and Tron. CoinShares’ latest Digital Asset Fund Flows Weekly report indicates that digital asset investment products received approximately $87 million in inflows last week, with Bitcoin grabbing the lion’s share.
According to the research, Ethereum competitor Algorand (ALGO) achieved a record week of institutional investment inflows of $20 million. Other blockchains such as Tron (TRX), Polkadot (DOT), Cardano (ADA), Solana (SOL), and XRP (XRP) saw weekly inflows of $1.8 million, $0.4 million, $0.3 million, $0.1 million, and $0.1 million, respectively.
According to the on-chain analytics platform, IntoTheBlock, the percentage of Bitcoin owned by addresses that have held for one year or longer has increased in prior bear markets, and this tendency appears to be repeating itself.
Apecoin Might Stay on Ethereum
For the time being, the ApeCoin (APE) community believes that APE should be on the Ethereum network. AIP-41, a proposal to retain ApeCoin (APE) within the Ethereum ecosystem and prevent migrating to any L1 chain or sidechain, has gotten 99 percent support.
The ApeCoin DAO has begun voting on the proposal “Keep ApeCoin within the Ethereum environment,“ which will close on June 9. The proposal gained a large number of votes on the first day itself in favor of keeping ApeCoin on the Ethereum ecosystem.
So far, the proposal has received 99.94% votes in favor, and 0.06% against. 285,000 APE have been used to vote in favor, while only 174 APE voted against the proposal. The ApeCoin DAO believes migrating to a different chain might be costly, risky, complex, and could lead to unseen circumstances.
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