Bitcoin and solana See $716 Million in Inflows, Is BTC Rising near?
As noted in CoinShares’ latest Digital Asset Fund Flows Weekly Report, the cryptocurrency market is witnessing a significant inflow of funds as a result of interesting events. Bitcoin and Solana, the two major players in the crypto arena, are at the forefront of this increase, experiencing a combined inflow of $716 million.
Specifically, as the cryptocurrency landscape continues to evolve, investors are now speculating on whether this surge in inflows will reshape market dynamics by pushing Bitcoin and Solana into a challenging rally.
Bitcoin and Solana Dominate Weekly flow
Bitcoin stole the spotlight last week, attracting a whopping $703 million in inflows, accounting for a staggering 99% of total funds flowing into digital asset investment products. This increase comes at a time when short-bitcoin strategies are witnessing small outflows of $5.3 million, coinciding with a notable reversal in negative price momentum.
In particular, Bitcoin’s dominance in this foray underscores its enduring appeal among investors and solidifies its position as the flagship cryptocurrency.
On the other hand, the CoinShares report showed that blockchain platform Solana, known for its high-speed transactions and smart contract capabilities, had a Stellar performance with a notable inflow of $13 million. This increase surpassed leading players such as Ethereum and Avalanche, which experienced outflows of $6.4 million and $1.3 million respectively during the same period.
Meanwhile, Solana’s resilience and appeal for investors in the face of market fluctuations positions it as a cryptocurrency to keep a close eye on in the coming weeks.
US Dominates Inflows, ETFs Driving Crypto Investment Growth
Regionally, the US continues to play a significant role in crypto investment growth, contributing $721 million in inflows last week. The launch of new Exchange Traded Funds (ETFs) has been a major driver, with these funds averaging $1.9 billion in inflows over the past four weeks and raising a total of $7.7 billion since their launch on January 11.
While outflows from existing issuers have totaled $6 billion, recent data points to a significant decrease in the momentum of these outflows, signaling a potential shift in investor sentiment. The surge in crypto investments, particularly in Bitcoin and Solana, is raising expectations for a broader market rally. Investors are now monitoring these developments closely and are eager to benefit from the evolving dynamics of the crypto world.
However, as of the time of writing, the Bitcoin price increased by 0.60% to $ 43,224.35, while the transaction volume increased by 14.63% to $ 15.29 billion. The flagship crypto has witnessed a decline of around 2% in the last 30 days, while gaining around 3% on a weekly basis.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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