Bitcoin Maintains Market Dominance With $42 Million In Inflows
2024年8月21日 - 3:00PM
NEWSBTC
Digital asset investment funds witnessed another week of inflows
last week, albeit at a small amount, to extend the run of inflows
to two consecutive weeks. Notably, investment funds attracted a net
inflow of $30 million last week. One of the key highlights of the
week was Bitcoin’s strong performance in attracting investor
interest. After being overshadowed by Ethereum in the previous
week, Bitcoin regained its leading position, drawing the majority
of the inflows. Solana, on the other hand, experienced its largest
outflow on record, which was primarily driven by a decline in
trading volumes of Solana-based meme coins. Bitcoin Maintains
Market Dominance Last week’s inflow and outflow data on digital
asset investment funds, as unveiled in CoinShares’ latest weekly
report, reveals a cautious approach by investors amid uncertain
economic signals. According to the report, digital asset investment
products experienced minor inflows totaling $30 million. Related
Reading: Bitcoin Market Facing A Persistent Net Sell-Side Bias,
Glassnode Reveals Investors were particularly cautious about
investing in digital asset investment funds, especially with recent
data teasing that the FED is less likely to cut interest rates by
50 basis points in September. As such, the weekly trading volume
came in at around $7.9 billion, a 50% drop from the previous week.
As stated earlier, the majority of the inflows went into
Bitcoin-based products. They witnessed $42 million in inflows,
which is a 223% increase from the $13 million registered the
previous week. Next on the inflow rank are multi-asset investment
products, which registered $21 million worth of inflows. These
products, which offer diversified exposure across multiple
cryptocurrencies, have continued to attract investor
interest. Ethereum, however, experienced a dramatic drop in
inflows. Ethereum-based products had only $4.2 million worth of
inflows last week, a 97% decrease from the $155.4 registered in the
previous week. Interestingly, CoinShares notes that Ethereum
witnessed a flurry of activity between providers. Lastly, XRP also
recorded a minor net inflow of $0.2 million, reflecting a cautious
yet positive stance toward the asset after the recent outcome of
the SEC-Ripple lawsuit. Looking at outflows, Solana led the pack
with $38.9 million, which is its largest weekly outflow on record.
This candidly reflected the current sentiment around the Solana
ecosystem, especially meme coins. While Solana bulls managed to
hold up the crypto’s price around $140 last week, the same cannot
be said for Solana-based meme coins. Greater Moderation On The Part
Of BTC Investors These meme coins, which pushed institutional
investment in Solana earlier in the year, are now responsible for
outflows. Short-Bitcoin ETFs experienced $0.9 million in outflows.
Although this suggests a lingering bullish sentiment toward
Bitcoin, it is a fall from the $16.2 million outflow registered in
the previous week. This indicates a more measured approach by
Bitcoin investors. Related Reading: Wall Street Titans Boost Crypto
Stakes: US Bitcoin ETFs Garner $2.4B In Q2 Inflows In terms of
geographical location, flows were very mixed. The United States led
the way with $62 million in inflows. Canada and Brazil also saw
positive activity, with inflows of $9.2 million and $7.2 million,
respectively. Switzerland and Hong Kong saw the most significant
outflows, with $30 million and $14 million, respectively. Featured
image from Adobe Stock, chart from Tradingview.com
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