Solana leads altcoins funds’ interest with $5.9 million in inflows
![Solana leads altcoins funds’ interest with $5.9 million in inflows](https://connecticutnewspress.com/wp-content/uploads/2024/05/8540-solana-leads-altcoins-funds-interest-with-5-9-million-in-inflows.jpg)
Grayscale’s GBTC registered the smallest weekly outflows since January.
Crypto investment products showed $130 million in inflows last week, with Solana (SOL) leading the institutional investments in altcoins by growing $5.9 million. According to asset managing firm CoinShares, that’s the first weekly inflow for crypto funds in the past five weeks.
Bitcoin specifically garnered $144 million in inflows, recovering from what had been a lackluster month. Meanwhile, short Bitcoin exchange-traded products (ETPs) experienced outflows of $5.1 million, contributing to an eight-week total of $18 million in outflows.
The US regulators’ minimal engagement with ETF issuer applications for a spot Ethereum ETF has fueled speculation that approval may not be forthcoming. This sentiment is reflected in the $14 million in outflows observed last week.
![Solana leads altcoins funds' interest with $5.9 million in inflows](https://static.cryptobriefing.com/wp-content/uploads/2024/05/13080847/brave_dsyG5FZmYN.png)
In the US, inflows dominated, totaling $135 million, marking the smallest weekly outflows for Grayscale since January at $171 million. Switzerland also saw positive inflows, amounting to $14 million. Conversely, Hong Kong’s inflows slowed to $19 million after a previous week of record highs, indicating that the initial surge post-Bitcoin ETF launches may have been primarily seed capital.
Canada and Germany continued to face outflows, totaling $20 million and $15 million respectively, with their combined year-to-date outflows now reaching $660 million.
Despite this uptick, ETP volumes have decreased, with the week’s total reaching $8 billion compared to the $17 billion average in April. The current figures suggest a decline in ETP investor participation within the crypto market, now accounting for 22% of the total volume on trusted global exchanges, down from 31% last month.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.