Friday , April 12 2024
Home / Bitcoin (BTC) / Solana Investors Flock Back With $13M Inflows Beating Ethereum, Avalanche

Solana Investors Flock Back With $13M Inflows Beating Ethereum, Avalanche

Summary:
Investment products for digital assets received significant influxes of 8 million last week, contributing to year-to-date inflows of .6 billion and increasing the total global assets under management to billion. However, trading volumes in ETPs dropped to .2 billion from the previous week’s total of .6 billion, though they still surpass the 2023 weekly average of .5 billion. According to CoinShares’ latest report, these volumes represent 29% of Bitcoin’s overall trading activity on trusted exchanges. Solana Signal Strong Comeback Following a period of lackluster performance in recent weeks, investment products focused on Solana are showing renewed strength amid a broader market rebound. In the latest edition of ‘Digital Asset Fund Flows Weekly Report,’

Topics:
Chayanika Deka considers the following as important: , , ,

This could be interesting, too:

Andrew Throuvalas writes Ordinals Activity Ramps Up Before Halving — Alongside Bitcoin Fees

Wayne Jones writes Voyager Digital Secures 4 Million from FTX and 3AC Settlements

Wayne Jones writes MarginFi TVL Drops 0 Million Following Founder’s Resignation

Andrew Throuvalas writes Don’t Expect Another Lawsuit If SEC Rejects Ethereum ETFs: Bloomberg Analyst

Investment products for digital assets received significant influxes of $708 million last week, contributing to year-to-date inflows of $1.6 billion and increasing the total global assets under management to $53 billion.

However, trading volumes in ETPs dropped to $8.2 billion from the previous week’s total of $10.6 billion, though they still surpass the 2023 weekly average of $1.5 billion. According to CoinShares’ latest report, these volumes represent 29% of Bitcoin’s overall trading activity on trusted exchanges.

Solana Signal Strong Comeback

Following a period of lackluster performance in recent weeks, investment products focused on Solana are showing renewed strength amid a broader market rebound.

In the latest edition of ‘Digital Asset Fund Flows Weekly Report,’ CoinShares reported that Solana experienced inflows of more than $13 million last week, surpassing both Ethereum and Avalanche, which saw outflows of $6.4 million and $1.3 million, respectively, during the same period. Other altcoins such as Cardano, Litecoin, and XRP also noted minor inflows of $0.6 million, $0.3 million, and $0.1 million, respectively.

As expected, investment products focused on Bitcoin continued to steal the show. The asset manager’s report further revealed that the leading cryptocurrency attracted inflows amounting to $703 million last week, constituting 99% of all flows.

On the other hand, short positions in Bitcoin experienced slight outflows totaling $5.3 million. This essentially aligned with a reversal of the previous negative price momentum.

US Investment Scene Booms

Regionally, the spotlight remains on the United States, where inflows reached $721 million last week, boosted by newly issued ETFs attracting $1.7 billion in inflows. These newly launched ETFs have maintained an average of $1.9 billion in inflows over the past four weeks, accumulating total inflows of $7.7 billion since their introduction on January 11th.

However, this has been countered by outflows from established issuers amounting to $6 billion, though recent data suggests a significant slowdown in the pace of these outflows.

Meanwhile, Switzerland, Germany, and Brazil recorded weekly inflows of $20.9 million, $3.5 million, and $1.3 million, respectively, followed by Australia and France with $0.9 million and $0.1 million inflows. However, Canada and Sweden recorded $31.3 million and $8.2 million outflows during the same period.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *