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

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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.

The post Solana Investors Flock Back With $13M Inflows Beating Ethereum, Avalanche appeared first on CryptoPotato.

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