Key Points:
- Solana’s exceptional performance with $5 million in inflows establishes it as the “most loved altcoin” of the year.
- Ethereum experiences outflows for the seventh consecutive week, solidifying its position as the “least loved altcoin.”
- CoinShares reports a resurgence in digital asset investment products, with $21 million in inflows last week, driven by various factors.
In contrast, Ethereum faced a lackluster sentiment as it witnessed outflows amounting to $1.5 million.
The world of digital asset investment products saw a resurgence of interest last week, with a noteworthy influx of $21 million, marking the first substantial inflow in the past six weeks.
What’s intriguing is that earlier in the week, it appeared that the trend of outflows would persist, but there was a dramatic shift towards the end of the week, particularly on Friday. CoinShares attributes this reversal to various factors, including positive price momentum, concerns regarding US government debt prices, and the recent uncertainties surrounding government funding.
According to the latest update in the ‘Digital Asset Fund Flows Weekly Report’ by CoinShares, Bitcoin took the lion’s share of inflows, amounting to $20 million for the week.
Conversely, short-Bitcoin positions continued to experience outflows, with a total of $1.5 million exiting the market last week. These outflows have been accumulating, reaching a significant $85 million since April.
While the altcoin market remained relatively subdued, Solana continued to shine, attracting $5 million in inflows. This marked its 27th consecutive week of positive activity, with only four weeks of outflows recorded throughout the year. Such a remarkable performance has firmly established Solana as the “darling of the altcoin world” for this year.
On the flip side, Ethereum witnessed outflows for the seventh consecutive week, amounting to $1.5 million, further solidifying its position as the “less favored altcoin.”
Regional sentiment disparities remained largely unchanged from the previous week.
In their latest report, the asset management firm elucidated that the ongoing trend of regional divergence persists, with the United States witnessing outflows totaling $19 million last week, while both Europe and Canada experienced inflows of $23 million and $17 million, respectively.
Despite the recent uptick in prices, trading volumes remain seasonally low both in the investment product market and the broader cryptocurrency market.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
