Solana
Bitcoin and Solana lead the way as crypto inflows surge after 5 weeks
- Bitcoin contributed $144 million to the investment, while Solana had $5.9 million.
- Ethereum’s struggles with regulatory uncertainty have triggered releases of its products.
Bitcoin [BTC] investment products finally ended the five-week streak of outflows and attracted $144 million in weekly inflows, according to a recent report from CoinShares.
Every week, the digital asset management company publishes a detailed report on investments in crypto products. Over the past five weeks, all of them have ended in massive releases, despite a strong start to the year.
Volume goes down, capital goes up
But last week, the products were able collect entries totaling $130 million. The report linked the rise to growing interest in crypto products in Hong Kong.
Additionally, ETFs in the United States saw low outflows. However, Bitcoin was not the only cryptocurrency that ensured the record ended with a positive net worth.
According to CoinShares, Solana [SOL] also contributed by recording $5.9 million in admissions. Despite this improvement, ETP volume fell from April’s average weekly volume.
Source: CoinShares
ETP stands for Exchange Traded Products. In April, the average volume was $17 billion. But this figure could not match that of last week, since it only reached 8 billion dollars.
The decrease indicates a decreasing interest in interacting with crypto products, with the report noting that:
“These volumes highlight that ETP investors are currently participating less in the crypto ecosystem, accounting for 22% of total volume on trusted global exchanges, compared to 31% last month.”
At press time, the price of Bitcoin was $62,579. This is an increase of 2.72% in the last 24 hours. Solana, on the other hand, changed hands at $148.22, an increase of 7.44% over the same period.
BTC and SOL abandon ETH
With this price performance, it is possible that committing capital to Bitcoin and Solana related products is a wise choice.
Additionally, it seemed like the market was becoming more and more confident about BTC and SOL. This was evident from the state of their level-headed feeling.
Using on-chain data from Santiment, AMBCrypto REMARK that Bitcoin’s weighted sentiment was 0.201. This reading implies that feedback on the pieces has been largely positive.
For SOL it was -0.429. However, this is a notable improvement from the May 12 measurement. As such, this confirmed that the bearish bias around Solana was diminishing.
Source: Santiment
In the meantime, Ethereum [ETH] was also on the radar. But this time it was on the losing side, given that AMBCrypto reported how the altcoin received more inflows in the previous week.
Realistic or not, here it is Market capitalization of SOL in BTC terms
Based on the latest data, Ethereum products saw outflows worth $14.4 million.
Diminishing optimism about the approval of the Ethereum ETF application was the main reason for this decline, with CoinShares explaining that:
“The weak interaction of US regulators with ETF issuer requests for an Ethereum spot ETF has increased speculation that approval of the ETF is not imminent, this has been reflected in outflows that have totaled $14 million last week.”
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