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Home»TRADING NEWS»Bitcoin maintains market dominance with $42 million inflows
TRADING NEWS

Bitcoin maintains market dominance with $42 million inflows

By Crypto FlexsAugust 21, 20243 Mins Read
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Bitcoin maintains market dominance with  million inflows
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Digital asset investment funds saw another week of inflows last week, but the volumes were small, and this was the second week in a row that inflows were strong. In particular, investment funds attracted a net inflow of $30 million last week. One of the main highlights of the week was the strong performance of Bitcoin, which attracted the majority of inflows after being pushed out by Ethereum the previous week. Solana, on the other hand, experienced its largest outflow on record, mainly due to a decrease in trading volume of Solana-based meme coins.

Bitcoin maintains market dominance

Data on inflows and outflows for digital asset investment funds last week, released in CoinShares’ latest weekly report, shows investors’ cautious approach amid uncertain economic signals. According to the report, digital asset investment products experienced modest inflows totaling $30 million.

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Investors were particularly cautious about investing in digital asset investment funds, especially since recent data suggests that the Fed is unlikely to cut rates by 50 basis points in September. As a result, weekly trading volume fell 50% from the previous week to around $7.9 billion.

As mentioned earlier, most of the inflows were into Bitcoin-based products, which saw inflows of $42 million, up 223% from the $13 million recorded the previous week. Next on the inflow list was multi-asset investment products, which recorded inflows worth $21 million. These products, which provide diversified exposure across multiple cryptocurrencies, continued to attract investor interest.

However, Ethereum has seen a dramatic drop in inflows. Ethereum-based products saw just $4.2 million in inflows last week, down 97% from the $155.4 million recorded the week before. Interestingly, CoinShares notes that Ethereum has seen a lot of activity among suppliers. Finally, XRP also saw a net inflow of $0.20 million, reflecting a cautious yet positive stance toward the asset following the recent outcome of the SEC-Ripple lawsuit.

Looking at the outflows, Solana is leading with $38.9 million, the largest weekly outflow on record. This honestly reflects the current sentiment on the Solana ecosystem, especially meme coins. Solana bulls have kept the cryptocurrency price around $140 for the past week, but Solana-based meme coins are not.

Greater Moderation among BTC Investors

These meme coins that facilitated institutional investment in Solana earlier this year are now the cause of outflows. Short Bitcoin ETFs experienced $900,000 in outflows. This suggests that bullish sentiment toward Bitcoin is continuing, but this is down from the $16.2 million outflows recorded the previous week. This suggests that Bitcoin investors are taking a more cautious approach.

Geographically, the flow was very mixed. The United States led with $62 million inflows. Canada and Brazil also saw positive activity with $9.2 million and $7.2 million inflows, respectively. Switzerland and Hong Kong saw the largest outflows with $30 million and $14 million, respectively.

BitcoinBitcoin maintains market dominance with  million inflows Source: NewsBTC.com

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