Market sentiment has experienced a significant upturn, with a noticeable trend in digital asset investment products attracting inflows for four consecutive weeks, accumulating a total of million. This recent four-week streak of inflows has now reached 9 million. Following a recent increase in prices, the total Assets under Management (AuM) have surged by 15% from their September lows, reaching nearly billion, marking the highest point since mid-August, according to the latest CoinShares report. Solana’s Inflow Streak Continues The European asset manager revealed that Solana is the most popular altcoin this year so far, even in the face of challenges such as its affiliation with the FTX and Sam Bankman-Fried, which sent its price to a massive downward spiral as
Topics:
Chayanika Deka considers the following as important: AA News, bitcoin etf, solana
This could be interesting, too:
Andrew Throuvalas writes Here Are The Bitcoin Layer 2s To Watch Out For, According To Grayscale
Mandy Williams writes M WBTC Dusting Attack Victim Recovers Stolen Loot
Wayne Jones writes 3 Week Post-Launch: Runes Protocol’s Activity Sees Substantial Decrease
Andrew Throuvalas writes Ex-Coinbase CTO Explains Why Democrats Are Against Crypto
Market sentiment has experienced a significant upturn, with a noticeable trend in digital asset investment products attracting inflows for four consecutive weeks, accumulating a total of $66 million. This recent four-week streak of inflows has now reached $179 million.
Following a recent increase in prices, the total Assets under Management (AuM) have surged by 15% from their September lows, reaching nearly $33 billion, marking the highest point since mid-August, according to the latest CoinShares report.
Solana’s Inflow Streak Continues
The European asset manager revealed that Solana is the most popular altcoin this year so far, even in the face of challenges such as its affiliation with the FTX and Sam Bankman-Fried, which sent its price to a massive downward spiral as well as recurring outages that halted the layer 1 blockchain several times last year.
However, with the broader market showing signs of recovery, investors are now rekindling their interest in the altcoin.
CoinShares’ data suggest that Solana saw an additional $15.5 million inflows last week, pushing its year-to-date inflows to $74 million, representing 47% of total AuM.
This is in stark contrast to Ethereum, which recorded outflows of $7.4 million. In fact, it was the only altcoin to see outflows last week.
Investors Remain Cautious Despite Inflows
Although the most recent inflows are likely driven by the anticipation of a spot Bitcoin ETF launch in the US, they pale in comparison to the initial surge of capital that followed BlackRock’s announcement in June, where four consecutive weeks of inflows reached a staggering $807 million.
CoinShares said this discrepancy suggests that the more modest inflows this time, despite the positive developments stemming from the Grayscale vs. SEC court ruling, reflect investors embracing a more cautious stance.
“While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time around.”
A significant 84% of these inflows were directed towards Bitcoin investment products, propelling the year-to-date total to $315 million during the same period.
Over the week, the surging prices had led to an influx of $23 million into short Bitcoin positions, but these positions were pared back substantially, with net inflows totaling just $1.7 million by the week’s end, indicating a waning confidence among short sellers.