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Solana Leads Altcoin Inflows As Cautious Investors Eye Bitcoin ETF Launch

October 25, 2023
in Altcoin
0

In the world of digital assets, Solana took the lion’s share of altcoin inflows, emerging as the front-runner in a week marked by cautious investor sentiment. The latest insights from the CoinShares Digital Asset Fund Flows Weekly Report reveal a continuous uptick in interest, with digital asset investment products netting inflows for the fourth consecutive week, amassing a total of $66 million. 

This surge has propelled the overall Assets under Management (AuM) to a substantial $33 billion, marking a significant upswing, up by 15% since its September lows.

The primary driver behind this recent wave of investor enthusiasm can be traced back to the anticipation surrounding the launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States. 

While the excitement is palpable, it’s worth noting that these inflows fall short of the fervor witnessed in June when BlackRock made its momentous announcement. In that period, four consecutive weeks of inflows clocked in at an astonishing $807 million, underscoring the contrast and indicating a more guarded approach from investors this time around.

Solana is stealing the show, attracting an impressive $15.5 million in inflows last week alone. Year-to-date, this blockchain powerhouse has amassed a staggering $74 million in inflows, making up 47% of the total AuM. Solana’s meteoric rise in popularity is evident, establishing itself as the standout altcoin for the year thus far.

Bitcoin investment products continue to dominate the market, with a resounding 84% of the inflows flowing into this flagship cryptocurrency. Year-to-date, Bitcoin has garnered a total of $315 million in inflows, with short positions experiencing a momentary surge, clocking in at $23 million last week. 

However, this trend was short-lived, as the week concluded with net inflows of just $1.7 million, suggesting that short sellers are losing confidence in the face of Bitcoin’s persistent resilience.

Ethereum’s Challenges Amid Solana’s Success

Compared to Solana’s success, Ethereum faced a challenging week, with investors expressing their concerns through outflows totaling $7.4 million. Notably, Ethereum was the sole altcoin to experience outflows in the past week, painting a distinct picture of its challenges in the face of growing competition.

Despite this positive development and the recent Grayscale vs. SEC court ruling, inflows this time around seem to signify a more measured approach, showing that the market is adapting to new dynamics while keeping a watchful eye on the future.

Related Reading | Shiba Inu Leader Breaks Silence To Applaud Shibarium Projects

This news is republished from another source.


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Kinza Babylon Staked BTC
Kinza Babylon Staked BTC (KBTC)
$83,270.00
Steakhouse EURCV Morpho Vault
Steakhouse EURCV Morpho Vault (STEAKEURCV)
$0.000000
Vested XOR
Vested XOR (VXOR)
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ICPanda DAO
ICPanda DAO (PANDA)
$0.003106
TruFin Staked APT
TruFin Staked APT (TRUAPT)
$8.02
bitcoin
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ethereum
Ethereum (ETH)
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tether
Tether (USDT)
$1.00
ripple
XRP (XRP)
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  • Kinza Babylon Staked BTCKinza Babylon Staked BTC(KBTC)$83,270.000.00%
  • Steakhouse EURCV Morpho VaultSteakhouse EURCV Morpho Vault(STEAKEURCV)$0.000000-100.00%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
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