Solana
Bitcoin and Solana Rise with $947 Million Inflow, Is BTC Price Rebounding?
In a compelling turn of events, the cryptocurrency The market is experiencing a significant inflow of funds, as revealed in the latest weekly digital asset fund flow report from CoinShares. Bitcoin and Solana, two major players in the crypto space, are at the forefront of this surge, seeing a combined inflow of $946.9 million. This remarkable development highlights investors’ growing interest and confidence in these digital assets.
Bitcoin and Solana dominate weekly flows
Bitcoin stole the show, attracting a colossal inflow of $942 million last week, accounting for 99% of the total funds flowing into digital asset investment products. Despite the increase in capital inflows, trading volumes were just $10.5 billion for the week, a stark contrast to the $40 billion recorded in March.
Interestingly, these inflows were an immediate response to Wednesday’s weaker-than-expected Consumer Price Index (CPI) report, with the last three trading days of the week accounting for 89% of total inflows. This highlights the idea that the price of Bitcoin has overlapped with interest rate expectations. Bitcoin’s dominance in this influx underscores its enduring appeal among investors, strengthening its position as a flagship cryptocurrency.
In the meantime, Solana, known for its high-speed transactions and smart contract capabilities, became a star player with a notable inflow of $4.9 million. This surge has overtaken other top players like Chainlink and Cardano, which experienced cash outflows of $3.7 million and $1.9 million, respectively. The resilience of Solana and its attractiveness to investors in the face of market fluctuations position it as a cryptocurrency to watch closely in the coming weeks.
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US Dominates Inflows, ETFs Fuel Rising Crypto Investments
Regionally, the United States dominated capital inflows, with $1,002 million last week. Unusually, Grayscale, which has suffered $16.6 billion in outflows since the ETF launched in January, also recorded minor inflows for the first time, totaling $18 million. Switzerland and Germany also recorded minor inflows of $27 million and $4.2 million, respectively, while Hong Kong and Canada recorded outflows totaling $83 million and $17 million, respectively.
Despite mixed regional flows, Bitcoin price is up 0.07% at the time of writing, reaching $66,887.42, while its open interest fell 0.1% to a current valuation of $18 billion. Notably, the flagship cryptocurrency has gained over 6.49% over the past seven days. This data indicates renewed interest in Bitcoin, driven by recent market developments and investor sentiment, potentially signaling the start of a sustained rally in the cryptocurrency market.
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