Ethereum and Solana recorded net inflows last week despite price corrections in most cryptocurrencies. Most recent According to the weekly report on digital asset fund flows published by CoinShares, cumulative inflows into these investment products reached an impressive $176 million during the week. This positive trend was consistent across all regions, with positive inflows recorded in each region, indicating widespread interest from investors around the world.
Surprisingly and unlike ~ Bitcoin’s DominanceThis trend, Ethereum-based investments The product had the most traffic this week.
Institutional Investors Take Notice of Ethereum and Solana
Despite the volatility in market value, investor interest in digital assets remains strong, reflecting institutional investors’ continued confidence in the long-term potential of cryptocurrencies. According to CoinShares, the expanded Cryptocurrency Market Correction The total assets under management (AuM) of investment products increased from $95 billion to $75 billion. However, investment products recovered slightly due to steady inflows, which helped to bring AuM back up to $85 billion.
Interestingly, last week’s activity was higher than usual. Exchange-traded products (ETPs) volume reached $19 billion last week, which is higher than the average weekly volume of $14 billion so far this year. What was particularly notable about this trend was the shift in investor preferences, with Ethereum-based investment products emerging as the main beneficiaries of this inflow. This is a departure from Bitcoin’s traditional dominance in the market, where Bitcoin-related products typically attract the majority of investment.
In particular, Ethereum-based investment products attracted $155 million in inflows last week, accounting for 88% of total inflows. As such, Ethereum ETPs have seen their inflows soar to $862 million this year, the highest since the 2021 bull market.
Bitcoin, on the other hand, attracted only $13 million in inflows. Multi-asset investment products came in second with $18.3 million in inflows. Solana-based products also attracted $4.5 million in inflows despite being cryptocurrencies. It fell below $115 early last week.
The bullish spirit is also reflected in the Short-Bitcoin product. According to data, the Short-Bitcoin ETP has seen the largest outflow since May 2023, with a total of $16 million withdrawn from the product. This outflow represents 23% of the Short-Bitcoin ETP’s total assets under management.
In terms of geography, all regions saw inflows last week. The US ranked first with $89 million inflows. Interestingly, the US is the only region to have recorded negative inflows so far. Switzerland, Brazil and Canada recorded inflows of $21.3 million, $19.9 million and $19.2 million respectively.
What’s next?
This change Breaking away from the bearish strategyThe outflows from the Short-Bitcoin ETP are consistent with a broader trend of renewed confidence in digital assets. The market is now: Finally recovering In the correction, most of the large market cap cryptocurrencies started to post gains over the last 24 hours.
Featured image made with Dall.E, charts from Tradingview.com