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

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HOME » CRYPTO NEWS » SOLANA INVESTORS FLOCK BACK WITH $13M INFLOWS BEATING ETHEREUM, AVALANCHE
Solana Investors Flock Back With $13M Inflows Beating Ethereum, Avalanche
Author: Chayanika Deka

Last Updated Feb 5, 2024 @ 14:30
Bitcoin received inflows totaling $703 million last week, accounting for 99% of all flows.

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.

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Digital Asset Investments Stage a Comeback;Bitcoin Reigns Supreme With $87.6M Inflows

Despite the overall recovery, Avalanche and Litecoin investment products encountered declines.

Digital asset investment products resumed inflows after breaking the 11-week streak of positive cash flows. According to the findings by CoinShares’ Head of Research, James Butterfill, the net inflows totaled $103 million over the last week.

Bitcoin investment products, as usual, attracted the highest capital inflow. The digital asset manager revealed a net inflow of $87.6 million during the period. Short-bitcoin also experienced a minor inflow amounting to $0.3 million.

Ethereum investment products saw positive activity, recording a net inflow of $7.9 million, while Solana investment products attracted a net influx of $6 million.
Among the altcoins, Avalanche and Litecoin were the only ones recording outflows of $2.6 million and $0.4 million, respectively, over the past week.
In terms of geographical distribution, the frontrunners in investment were Germany, Canada, and the USA, with money flowing in at $41.6 million, $25.8 million, and $20.4 million, respectively.
Switzerland, Brazil, Australia, and France followed suit with inflows of $15 million, $8 million, $1.2 million, and $0.3 million, respectively. On the flip side, Sweden experienced outflows amounting to $8.7 million.
The latest estimates indicate a mild recovery from the previous
CoinShares report, which revealed the end of an 11-week streak of positive cash flows for digital asset investment products, concluding with withdrawals totaling $16 million.
During that period, Bitcoin witnessed the most significant impact, with outflows of $33 million. While most altcoins managed to buck the trend and post inflows, products focused on Ethereum and Avalanche experienced modest declines.