Bitcoin plunged 28%. Institutional investors bought the dip

The crypto markets are stabilizing after a turbulent week that tested institutional investors’ reactions to significant market swings, common in the digital currency space.

A sell-off in bitcoin and ether earlier in the week wiped out $367 billion in value, but new investors showed resilience, with spot ether ETFs seeing net inflows of $120 million, particularly when prices were low.

While bitcoin ETFs initially saw net outflows, demand picked up midweek, with $245 million added as Morgan Stanley began offering these funds to wealthy clients.

Morgan Stanley is the first major Wall Street firm to do so, potentially prompting other financial institutions to follow suit, CNBC has reported.

read more: https://www.cnbc.com/2024/08/09/bitcoin-plunged-28percent-institutional-investors-bought-the-dip.html

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