Solana
Ethereum, Solana and XRP record massive buying by institutional investors
Crypto asset investment products saw an inflow of $185 million last week, bringing the total inflow in May to over $2 billion. This is the fourth consecutive inflow and indicates the return of massive demand from institutional investors. Ethereum, Solana (SOL), XRP and Cardano (ADA) continue to see record buying.
Bitcoin, ETH, SOL, XRP, ADA saw inflows
The $185 million inflow from digital asset investment products last week became the catalyst for year-to-date inflows to surpass the $15 billion mark for the first time, reported Coin Shares
on June 3. Total inflows fell $1.05 billion as trading volumes fell due to the monthly options expiration and U.S. PCE inflation data on Friday.
Trading volumes declined for the week, falling to $8 billion from $13 billion the previous week. The United States again recorded the highest rate Bitcoin entry of $148 million because of Spot Bitcoin ETF. Bitcoin shorts recorded another week of outflows of $3.5 million.
Ethereum recorded positive purchases for the second week of $33.5 million due to the SEC’s approval of the spot Ether ETF. This is a complete turnaround in ETH investments, triggering a purchase of Solana for $5.8 million.
XRP And ADA also recorded an increase in inflows of $0.8 million And $0.3 million, respectively. The influx doubled compared to the previous week.
“Switzerland saw its second highest week of inflows this year with $36 million, while Canada saw a turnaround with inflows of $25 million despite a net outflow in May totaling $39 million” , according to the report.
Read also: Binance removes all pairs and stops supporting these cryptocurrencies
ETH, SOL and XRP prices see upward momentum
ETH Price jumped 0.5% in the last 24 hours, with the price currently trading at $3,810. The 24-hour low and high are $3,752 and $3,839, respectively. Additionally, trading volume increased by 16% in the last 24 hours, indicating renewed interest among traders.
XRP Price is currently trading at $0.5191, up 0.5% in the last 24 hours. Trading volumes in the last 24 hours jumped 65%.
In the meantime, Solana Price fell today, with the price currently trading at $165.18. However, trading volume increased by 53% in the last 24 hours.
Read also: Bullish Pattern of Bitcoin Price Breakout to $74,000