Bitcoin Maintains Market Dominance With $42 Million In Inflows

Digital asset investment funds witnessed another week of inflows last week, albeit at a small amount, to extend the run of inflows to two consecutive weeks. Notably, investment funds attracted a net inflow of $30 million last week. One of the key highlights of the week was Bitcoin’s strong performance in attracting investor interest. After being overshadowed by Ethereum in the previous week, Bitcoin regained its leading position, drawing the majority of the inflows. Solana, on the other hand, experienced its largest outflow on record, which was primarily driven by a decline in trading volumes of Solana-based meme coins. Bitcoin Maintains Market Dominance Last week’s inflow and outflow data on digital asset investment funds, as unveiled in CoinShares’ latest weekly report, reveals a cautious approach by investors amid uncertain economic signals. According to the report, digital asset investment products experienced minor inflows totaling $30 million. Related Reading: Bitcoin Market Facing A Persistent Net Sell-Side Bias, Glassnode Reveals Investors were particularly cautious about investing in digital asset investment funds, especially with recent data teasing that the FED is less likely to cut interest rates by 50 basis points in September. As such, the weekly trading volume came in at around $7.9 billion, a 50% drop from the previous week. As stated earlier, the majority of the inflows went into Bitcoin-based products. They witnessed $42 million in inflows, which is a 223% increase from the $13 million registered the previous week. Next on the inflow rank are multi-asset investment products, which registered $21 million worth of inflows. These products, which offer diversified exposure across multiple cryptocurrencies, have continued to attract investor interest. Ethereum, however, experienced a dramatic drop in inflows. Ethereum-based products had only $4.2 million worth of inflows last week, a 97% decrease from the $155.4 registered in the previous week. Interestingly, CoinShares notes that Ethereum witnessed a flurry of activity between providers. Lastly, XRP also recorded a minor net inflow of $0.2 million, reflecting a cautious yet positive stance toward the asset after the recent outcome of the SEC-Ripple lawsuit. Looking at outflows, Solana led the pack with $38.9 million, which is its largest weekly outflow on record. This candidly reflected the current sentiment around the Solana ecosystem, especially meme coins. While Solana bulls managed to hold up the crypto’s price around $140 last week, the same cannot be said for Solana-based meme coins. Greater Moderation On The Part Of BTC Investors These meme coins, which pushed institutional investment in Solana earlier in the year, are now responsible for outflows. Short-Bitcoin ETFs experienced $0.9 million in outflows. Although this suggests a lingering bullish sentiment toward Bitcoin, it is a fall from the $16.2 million outflow registered in the previous week. This indicates a more measured approach by Bitcoin investors. Related Reading: Wall Street Titans Boost Crypto Stakes: US Bitcoin ETFs Garner $2.4B In Q2 Inflows In terms of geographical location, flows were very mixed. The United States led the way with $62 million in inflows. Canada and Brazil also saw positive activity, with inflows of $9.2 million and $7.2 million, respectively. Switzerland and Hong Kong saw the most significant outflows, with $30 million and $14 million, respectively. Featured image from Adobe Stock, chart from Tradingview.com

Name	Symbol	Market	Market Cap ($)	Algorithm
Solana	SOLUSD	Crypto	80,159,878,354	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	3.39	2.01%	171.97	171.98	171.99

High Price	Low Price	Open Price	Prev. Close	52 Week Range
172.35	164.88	168.68	168.58	37.94 - 210.00

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	13:55:24	0.060000	172.02	USD

Price x Volume	Volume	Base Symbol	Related Pairs
56,642,390.47	336,731.99	SOL	SOLEUR	SOLGBP	SOLBTC

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

SOLUSD Solana