{"id":30738,"date":"2023-10-10T00:52:41","date_gmt":"2023-10-10T04:52:41","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30738"},"modified":"2023-10-10T00:52:41","modified_gmt":"2023-10-10T04:52:41","slug":"solana-outshines-bitcoin-a-dive-into-last-weeks-crypto-asset-inflows","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/10\/solana-outshines-bitcoin-a-dive-into-last-weeks-crypto-asset-inflows\/","title":{"rendered":"Solana Outshines Bitcoin? A Dive Into Last Week\u2019s Crypto Asset Inflows"},"content":{"rendered":"

Last week marked a noteworthy surge for Solana in inflows, leading the pack in altcoin investment interests and outshining Bitcoin. Solana\u2019s recent performance particularly placed it in the spotlight as it amassed roughly $24 million, the altcoin registered its largest inflow since March 2022, according to a recent report<\/a> from Coinshares.<\/p>\n

A Closer Look: Dissecting The Solana Inflow Surge<\/h2>\n

Diving into the numbers, the broader digital-asset investment domain observed net inflows for the second consecutive week, accumulating a significant $78 million, showcasing a bullish sentiment<\/a> reminiscent of July\u2019s performance.<\/p>\n

While Bitcoin, the quintessential crypto giant, continued to dominate, Solana grabbed headlines. As highlighted<\/a> by James Butterfill, Head of Research, Solana\u2019s re-emergence as a sought-after altcoin signifies its growing appeal among digital investors, especially in light of recent Ethereum futures ETF product launches. <\/p>\n

According to the report, with a noteworthy track record for 2023, Solana funds reported inflows for 28 weeks, with a mere four weeks registering outflows.<\/p>\n

Always a major player, Bitcoin recorded inflows of $43 million. The report disclosed that a certain subset of investors, potentially riding on Bitcoin\u2019s recent price momentum, initiated positions in short-bitcoin products, leading to an inflow of $1.2 million within the week.<\/p>\n

Diverging Investment Patterns: Europe Leads While ETH ETFs Underwhelm<\/h2>\n

Geographically, Europe continued its digital asset supremacy, accounting for 90% of the total inflows. On the contrary, the combined inflows from the US and Canada totaled a mere $9 million. According to Butterfill, this noticeable regional disparity in investment sentiments underscores evolving market dynamics and investor preferences.<\/p>\n

Adding to the digital fervor, trading volumes for exchange-traded products surged by 37%, settling at $1.13 billion for the week. Trusted exchanges dealing with Bitcoin also witnessed a 16% jump in trading volume.<\/p>\n

However, it wasn\u2019t all sunshine and rainbows. The recent US launch of six Ethereum futures ETFs raked below $10 million<\/a>. While seemingly substantial, Butterfill termed the response as showcasing a \u201ctepid appetite,\u201d particularly when juxtaposed against the $1 billion amassed by Bitcoin futures ETFs in their inaugural week back in 2021. <\/p>\n

However, Butterfill attributed this difference more to the contrasting market environments and the \u201cpoor investor appetite\u201d for digital assets rather than a direct reflection of the asset\u2019s potential.<\/p>\n

Furthermore, regardless of the recorded positive inflows from Solana last week, the altcoin<\/a> is currently facing a bloodbath along with Bitcoin. Notably, Solana has declined by nearly 10% in the past week and 4.5% in the past 24 hours, with a market price of $22.30 at the time of writing.<\/p>\n

\u00a0<\/p>\n

In contrast, Bitcoin has also shed its portion of losses, down by 2.9% in the past 7 days and 1.4% in the past day, with a trading price currently at $27,518.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Last week marked a noteworthy surge for Solana in inflows, leading the pack in altcoin investment interests and outshining Bitcoin. Solana\u2019s recent performance particularly placed it in the spotlight as it amassed roughly $24 million, the altcoin registered its largest inflow since March 2022, according to a recent report<\/a> from Coinshares.<\/p>\n

A Closer Look: Dissecting The Solana Inflow Surge<\/h2>\n

Diving into the numbers, the broader digital-asset investment domain observed net inflows for the second consecutive week, accumulating a significant $78 million, showcasing a bullish sentiment<\/a> reminiscent of July\u2019s performance.<\/p>\n

While Bitcoin, the quintessential crypto giant, continued to dominate, Solana grabbed headlines. As highlighted<\/a> by James Butterfill, Head of Research, Solana\u2019s re-emergence as a sought-after altcoin signifies its growing appeal among digital investors, especially in light of recent Ethereum futures ETF product launches. <\/p>\n

According to the report, with a noteworthy track record for 2023, Solana funds reported inflows for 28 weeks, with a mere four weeks registering outflows.<\/p>\n

Always a major player, Bitcoin recorded inflows of $43 million. The report disclosed that a certain subset of investors, potentially riding on Bitcoin\u2019s recent price momentum, initiated positions in short-bitcoin products, leading to an inflow of $1.2 million within the week.<\/p>\n

Diverging Investment Patterns: Europe Leads While ETH ETFs Underwhelm<\/h2>\n

Geographically, Europe continued its digital asset supremacy, accounting for 90% of the total inflows. On the contrary, the combined inflows from the US and Canada totaled a mere $9 million. According to Butterfill, this noticeable regional disparity in investment sentiments underscores evolving market dynamics and investor preferences.<\/p>\n

Adding to the digital fervor, trading volumes for exchange-traded products surged by 37%, settling at $1.13 billion for the week. Trusted exchanges dealing with Bitcoin also witnessed a 16% jump in trading volume.<\/p>\n

However, it wasn\u2019t all sunshine and rainbows. The recent US launch of six Ethereum futures ETFs raked below $10 million<\/a>. While seemingly substantial, Butterfill termed the response as showcasing a \u201ctepid appetite,\u201d particularly when juxtaposed against the $1 billion amassed by Bitcoin futures ETFs in their inaugural week back in 2021. <\/p>\n

However, Butterfill attributed this difference more to the contrasting market environments and the \u201cpoor investor appetite\u201d for digital assets rather than a direct reflection of the asset\u2019s potential.<\/p>\n

Furthermore, regardless of the recorded positive inflows from Solana last week, the altcoin<\/a> is currently facing a bloodbath along with Bitcoin. Notably, Solana has declined by nearly 10% in the past week and 4.5% in the past 24 hours, with a market price of $22.30 at the time of writing.<\/p>\n

\u00a0<\/p>\n

In contrast, Bitcoin has also shed its portion of losses, down by 2.9% in the past 7 days and 1.4% in the past day, with a trading price currently at $27,518.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30738","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30738"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30738\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30738"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}