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Solana, XRP Attract $4.5 Million Inflow Spike Amid BTC Exodus

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Mon, 29/04/2024 - 12:51
Solana, XRP Attract $4.5 Million Inflow Spike Amid BTC Exodus
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According to CoinShares' most recent report, Solana (SOL) and XRP have attracted a combined inflow of $4.5 million amid growing interest in altcoins over Bitcoin. 

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Bitcoin experienced outflows in the past week, according to the CoinShares report, with investors seemingly reallocating their assets. Solana and XRP have emerged as the beneficiaries of this shift, pulling in $4.1 million and $0.4 million, respectively. 

Digital asset investment products recorded outflows for the third week in a row, totaling $435 million. The outflows were mainly focused on Bitcoin and Ethereum, recording $423 million and $38 million, respectively. 

On a closer look, the majority of Bitcoin outflows came from the Grayscale ETF, which experienced $440 million in outflows, which is surprisingly at its lowest in nine weeks.

While Grayscale's outflows continue to slow, inflows from new ETFs have decreased, with only $126 million inflows last week, down from $254 million the previous week.

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Amid a cool-off in Bitcoin inflows, a broad range of altcoins have witnessed inflows, with investors favoring multi-coin investment products.

This redistribution of funds could have far-reaching implications for the crypto market. It could signal that investors are looking beyond Bitcoin to build a more diversified crypto portfolio. If the trend continues, it might lead to altcoins eating away at Bitcoin's dominance.

The current market sentiment remains a mix of caution and anticipation as traders and investors prepare for a major Federal Reserve meeting later this week. Anticipation is growing regarding the meeting's likely indication of higher-for-longer interest rates, causing market participants to brace themselves for potential consequences for digital assets.

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At the time of writing, Solana was down 4.80% in the last 24 hours to $135.22; XRP was likewise down 2.20% in the same time frame to $0.5081. Bitcoin was down 1.65% to $62,356 after hitting a week low of $61,928 in today's trading session.

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