In a recent display of Bitcoin dominance, Max Keiser, a well-known Bitcoin maximalist, has provided compelling evidence that Bitcoin continues to outshine other cryptocurrencies. The analyst recently took to Twitter to comment on the latest report by CoinShares, which highlights institutional inflows into crypto assets.
According to the report, Bitcoin received a staggering $139.8 million in investments from various institutional funds. This accounts for 99% of all the inflows registered by CoinShares during the previous week. In contrast, other cryptocurrencies such as XRP, ETH, BNB, and LTC failed to match Bitcoin’s performance.
Max Keiser’s Bold Assertion
While strongly highlighting Bitcoin’s superior position, Keiser proudly proclaimed that “everything goes zero against Bitcoin.” This statement summarizes institutional investors’ overwhelming preference for Bitcoin over its competitors.
The report further reveals that Bitcoin investments with CoinShares amounted to $277 million month-to-date and $571 million year-to-date. In contrast, Ethereum experienced outflows of $1.6 million during the same week. XRP received only $0.1 million in investments, while Solana and Litecoin secured $0.5 million and $0.3 million, respectively.
Notably, among the other altcoins, Cardano and Polygon witnessed inflows of $0.1 million and $0.5 million, respectively. Evidently, these figures further underline the significant lead Bitcoin has established in attracting institutional investment.
It’s Accumulation Time, Not a Sell Show for BTC- Glassnode
On the other hand, in addition to the institutional inflows, analytics company Glassnode shared an intriguing insight. The Bitcoin Long-Term Holder Supply metric reached an all-time high of 14.5 million BTC, indicating that experienced investors are choosing to accumulate and hold Bitcoin rather than sell or distribute it. However, this data decodes a strong conviction among mature Bitcoin holders in the long-term value and potential of the flagship cryptocurrency.
Interestingly, following the court’s ruling that XRP is a non-security asset, Bitcoin rose past $31,000 last Friday. This announcement also increased XRP’s price by nearly 70%. As the week began, Bitcoin fell below $30,000, apparently owing to liquidity draining from the market. But overall, short-term holders and miners played an active role in selling Bitcoin as it reached its recent high.
Having said that, Max Keiser’s observations and the CoinShares report provide a compelling narrative of Bitcoin’s undeniable dominance in the cryptocurrency market. With institutional investors flocking to Bitcoin and mature holders accumulating the digital asset, it becomes evident that Bitcoin continues to solidify its position as the unrivaled leader in the crypto space.
