Solana
Grayscale exits slow as investor interest in altcoins like Solana and Polkadot increases
Inflows into the Newborn Nine ETFs fell more than 50% over the past week, from $254 million to $126 million, according to the weekly CoinShares. report.
According to the report, these reduced inflows contributed to the $435 million outflow for the third consecutive week – the largest outflow since March – that major crypto-related investment products recorded during the week.
Gray levels are in the lead despite a “deceleration of outgoing flows”
A distribution of flows showed that Shades of grey GBTC remains responsible for most of the outflows, with $440 million flowing out of the product last week.
However, this is GBTC’s weakest weekly outflow in nine weeks and a sign that outings slowed down. Nonetheless, total outflows from GBTC year-to-date have exceeded $17 billion.
Crypto ETP feed. (Source: CoinShares)
James Butterfill, Head of Research at CoinShares, added:
“As Grayscale exits continue to slow, we have also seen a deceleration in new issuer inflows, which saw just $126 million in inflows last week, compared to $254 million the week before.”
Weakening capital flows also led to a decline in trade volume, which fell from $18 billion to $11.8 billion.
Last week, major ETF issuers like black rock and Fidelity registered several days of zero flow. Market observers have interpreted this trend as a sign of waning investor interest in the asset class.
Altcoins are attracting interest
Investment products related to digital assets like SolanaXRP, Cardano, Peas, and Chainlink saw inflows last week. The CoinShares report puts cumulative inflows into these assets at more than $25 million.
On the other hand, Ethereum continued its release trend, recording additional releases of $38.4 million, bringing the total for the month to $123.8 million. The flow since the start of the year is negative $50 million.
Remarkably, the prevailing bearish sentiments in the market attracted the bears who added $1.3 million to the short sale. Bitcoin investment products.