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The investment products have shown impressive resilience recently, as witnessed by recent data on digital asset inflows. According to a report by CoinShares, digital asset investment products have welcomed inflows for the fourth consecutive week, totaling an impressive of around $66 million. This trend has boosted the total Assets under Management (AuM) to a noteworthy $33 billion.
Meanwhile, many attribute these inflows to the anticipated launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.
Spot Bitcoin ETF Excitement Spurs Inflows
The recent inflows into digital asset investment products, amounting to $65.6 million, have been partly driven by the excitement surrounding the potential launch of a spot Bitcoin ETF in the U.S. Although these numbers are certainly significant, they pale in comparison to the surge witnessed in June, following BlackRock’s announcement, which saw four consecutive weeks of inflows totaling an impressive $807 million.
Meanwhile, this contrast hints at a shift in investor sentiment, signaling a more prudent approach despite positive news stemming from the Grayscale vs. SEC court ruling.
According to the report, Ethereum grapples with concerns leading to outflows of $7.4 million, while Solana emerges as the star of the altcoin world. Notably, Solana witnessed an inflow of $15.5 million last week, bringing its year-to-date total to a remarkable $74 million, constituting 47% of the total Assets under Management (AuM) in the crypto sphere.
Meanwhile, the unwavering performance of Solana in 2023 reinforces its status as one of the most favored altcoins this year.
Also Read: SOL Price Shoots $30 As Solana Investment Products Record $15 Million Inflows
A Closer Look Into The Report
Of the total inflows, a significant 84% were funneled into Bitcoin investment products, propelling year-to-date inflows to $315 million. Interestingly, as Bitcoin prices surged last week, short-bitcoin inflows reached $23 million. However, this enthusiasm waned, and net inflows dwindled to a mere $1.7 million by the week’s end. This change in fortunes for short sellers suggests a declining level of confidence in bearish positions.
The weekly inflow of Bitcoin was $55.3 million, and its month-to-date inflows totaled $111.9 million. Looking at the inflows as per the exchange country, Switzerland has topped the list with a net inflow of $45.5 million. Notably, the United States noted an outflow of $8.7 million last week.
The crypto investment landscape is undoubtedly a dynamic and ever-changing environment. As excitement builds around potential developments like a Bitcoin ETF, investors are becoming increasingly selective and discerning in their choices, considering factors that go beyond mere hype. Notably, Solana’s consistent rise exemplifies this trend, establishing itself as a formidable force in the world of digital assets.
Meanwhile, as of writing, Bitcoin price was up 1.91% over the last 24 hours to $30,480.45. On the other hand, the Solana price noted gains of 4.24% to trade at $29.59 at the same time.
Also Read: History And Analysts Predict Further Rally In Bitcoin, Bloomberg
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