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Record Inflows for Bitcoin ETFs, Solana Outpaces Ethereum in Weekly Fund Flows

Record Inflows for Bitcoin ETFs, Solana Outpaces Ethereum in Weekly Fund Flows

BlockchainnewsBlockchainnews2024/11/27 08:43
By:Blockchainnews

Bitcoin ETFs experienced record inflows of $3.12 billion last week, while Solana outpaced Ethereum with $16 million in inflows, according to CoinShares.

Record Inflows for Bitcoin ETFs, Solana Outpaces Ethereum in Weekly Fund Flows

Zach Anderson Nov 25, 2024 12:16

Bitcoin ETFs experienced record inflows of $3.12 billion last week, while Solana outpaced Ethereum with $16 million in inflows, according to CoinShares.

Bitcoin ETFs witnessed an unprecedented surge in inflows last week, totaling $3.12 billion, marking the largest on record, according to CoinShares. This significant increase contributed to a total of $3.13 billion in digital asset investment product inflows for the week, driving year-to-date inflows to an impressive $37 billion.

Bitcoin and Short-Bitcoin Products

The lion's share of these inflows was captured by Bitcoin, which alone accounted for $3 billion. The rising Bitcoin prices also spurred additional interest in short-bitcoin investment products, which saw inflows of $10 million. Notably, monthly inflows for short-bitcoin products reached $58 million, the highest since August 2022.

Solana Versus Ethereum

While Bitcoin dominated the inflow charts, Solana also made headlines by surpassing Ethereum in weekly inflows. Solana saw $16 million in new investments, compared to Ethereum's $2.8 million. However, Ethereum continues to lead on a year-to-date basis. Other altcoins such as XRP, Litecoin, and Chainlink attracted $15 million, $4.1 million, and $1.3 million, respectively.

Global Market Movements

The US market's $3.2 billion inflows were partially offset by outflows from European countries like Germany, Sweden, and Switzerland, totaling $40 million, $84 million, and $17 million, respectively. These regions viewed recent price peaks as opportunities to realize profits. Conversely, markets in Australia, Canada, and Hong Kong showed positive sentiment, recording inflows of $9 million, $31 million, and $30 million, respectively.

Multi-Asset Products and Market Sentiment

Despite the positive trend for individual cryptocurrencies, multi-asset investment products experienced their second consecutive week of outflows, totaling $10.5 million. This could indicate a shifting preference among investors towards single-asset strategies.

For more detailed insights, visit the full report on the CoinShares blog .

Image source: Shutterstock
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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