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Solana Dominates Altcoin Share as Crypto Funds Experience Fourth Week of Net Inflows

Solana Dominates Altcoin Share as Crypto Funds Experience Fourth Week of Net Inflows

Digital Asset Investment Products Continue to See Inflows

Last week, digital asset investment products experienced net inflows of $66 million, marking the fourth consecutive week of inflows. In total, these products saw $179 million in inflows over the period, according to a report by CoinShares. The report also revealed that fund managers such as CoinShares, Bitwise, Grayscale, ProShares, and 21Shares now have a combined total of $33 billion in assets under management.

The recent inflows are likely driven by anticipation surrounding the launch of a spot bitcoin ETF in the United States. However, compared to June’s announcements, the current inflows are relatively low. Following BlackRock’s filing for a spot bitcoin ETF in June, there were four consecutive weeks of inflows totaling $807 million. This suggests that investors may be adopting a more cautious approach this time despite positive news from the Grayscale vs SEC court ruling.

Solana Emerges as Leading Altcoin for Inflows

While 84% of last week’s inflows were directed towards bitcoin investment products, Solana attracted the largest portion of altcoin inflows. It received an additional $15.5 million in inflows last week, bringing its year-to-date total to $74 million. According to CoinShares’ report, Solana has been the most popular altcoin so far this year. On the other hand, Ether experienced outflows of $7.4 million last week, resulting in total assets under management dropping to $6.7 billion.

The report attributed Ethereum’s outflows to ongoing concerns surrounding the cryptocurrency.

Hot Take: Investors Remain Cautious Despite Positive News

Despite the excitement over a potential spot bitcoin ETF launch and positive developments in the crypto space, investors seem to be exercising caution. The recent inflows into digital asset investment products, although significant, are lower compared to previous months. This suggests that investors may be taking a more measured approach and closely monitoring the market. Solana’s emergence as the leading altcoin for inflows highlights the growing interest in alternative cryptocurrencies. However, concerns surrounding Ethereum have led to outflows. It will be interesting to see how investor sentiment evolves in the coming weeks.

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Solana Dominates Altcoin Share as Crypto Funds Experience Fourth Week of Net Inflows