Last Week’s Star in the Crypto Market Was Solana (SOL)! There was a significant increase in fund inflows!
Digital asset investment products saw total inflows of $66 million for the 4th consecutive week. The total investment amount has now increased to 33 billion US dollars.
Spot Bitcoin ETF Prospects Lead to More Fund Inflows
While the latest inflows are likely linked to excitement over a spot Bitcoin ETF launch in the US, they have been relatively modest compared to the June announcements and investors appear to be more cautious this time around.
Solana saw another US$15.5 million in inflows last week, reaching US$74 million year-to-date (47% of total investment), making it the most popular altcoin so far this year.
The latest inflows are relatively low compared to the initial inflows, which saw 4 consecutive weeks of US$807 million in inflows following Blackrock’s announcement in June.
Despite the positive news from the Grayscale vs SEC court decision, low inflows are considered an indication that investors are taking a more cautious approach this time.
*This is not investment advice.