In a recent report by CoinShares, the digital asset investment landscape has shown signs of recovery, with total inflows reaching $862 million last week. This nearly offsets the previous week's record outflows of $931 million. Despite the encouraging recovery, the report indicates a slowdown in ETF activity, hinting that the initial market hype might be cooling down.
Bitcoin (BTC) emerged as a major player on the digital asset market, recording inflows of $865 million last week. This renewed interest is attributed to new ETF issuers in the U.S., which contributed $1.8 billion in inflows. However, these gains were partially offset by Grayscale's outflows of $967 million. Interestingly, short-Bitcoin products saw outflows for the second consecutive week, totaling $2 million.
The standout performer on the altcoin market last week was Solana (SOL), which saw an impressive $6.1 million in inflows. This surge reflects growing investor confidence in Solana's blockchain platform and its potential to offer innovative solutions in the decentralized finance (DeFi) space. Moreover, this surge in inflows for Solana aligns with a bullish trend in SOL's price performance.
Despite experiencing a 6.52% dip in the last 24 hours, bringing the Solana price down to $182.49, the cryptocurrency has shown impressive resilience and growth. Over the past 30 days, Solana has surged by 40.33%, demonstrating rising confidence and optimism in the platform's capabilities and future prospects.
Ethereum struggles amid altcoin surge
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, faced its fourth consecutive week of outflows, totaling $19 million. This pattern is often observed following major network upgrades, indicating investor apprehension about the success and stability of these updates.
Outside of Solana, altcoins witnessed a total inflow of $18.3 million last week. Other notable performers included Filecoin (FIL) with inflows of $3.9 million, Polkadot (DOT) with $2.4 million, and Chainlink (LINK) with $1.9 million. The latest data from CoinShares underscores the dynamic and often divergent nature of the digital asset market.