Ethereum Institutional Products Trumps Solana Inflows In Weekly Reversal
Digital asset investment funds recorded massive inflows, with altcoins like Ethereum (ETH) and Solana (SOL) gaining ground. Institutional flows have picked upwards due to macro factors shaped by the upcoming U.S. Presidential elections. On the other hand, the bulk of retail sentiments have moved in line with Bitcoin prices and reported inflows to the market. On-chain data also indicates heightened demand for crypto ETFs in the last seven days.
Ethereum Products Attracts $9.5 Million Inflows
A new CoinShares Crypto Fund Flow report shows Ethereum products notching $9.5 million in the last seven days. This is a huge step to turning around the assets previous poor run in the last couple of weeks. The last 30 days place outflows at $13.7 million, with the asset failing to capitalize on the surge in Bitcoins price. Ethereum struggled for several reasons, although stakeholders tip the assets for an uphill climb with the wider ecosystem.
This week, Ethereum flows trumped Solana, an institutional favorite, as its price soared for several days. The subsequent fluctuations in SOL price led to the outflows changing weekly positions. In total, SOL outflows totaled $5.7 million, taking 30 movements slightly into the red zone. The $600K outflow is ranked little in most projections, with a high chance of a reversal. Year-to-date inflows in ETH products stand at $758 million, while SOL boasts $59 million.
On other fronts, multi-assets stood underwater with $3.1 million in outflows, which took year-to-date numbers to 467 million. Overall, the crypto market saw $2.17 billion flow into funds last week as assets under management surged to $102 billion.
Bitcoin Maintains a Dominant Stance
The crypto market leader, Bitcoin, has soared to new levels not seen in months before a slight correction. Last week, BTC funds amassed $2.15 billion in inflows, although the last few days have placed the asset in the negative. Bitcoins momentum is driven by macro factors, as many look to a safe-haven asset amid global volatility. The United States elections also played a significant role in the countrys leading geographical flows.
Regionally, the US saw US$2.2bn of inflows, while Germany also saw minor inflows of US$5.1m. We believe euphoria around the prospect of a Republican victory was the likely reason for these inflows as they were in the first few days of last week, as polls have turned, we saw minor outflows on Friday, highlighting how sensitive Bitcoin is to the US elections at present.
Read more: https://zycrypto.com/ethereum-institutional-products-trumps-solana-inflows-in-weekly-reversal/
Text source: ZyCrypto
