Investment products offering exposure to the smart contract platform Solana ($SOL) saw inflows of $3 million over the past week, while cryptocurrency investment products, in general, saw nearly $500 million of outflows, with Bitcoin and Ethereum products leading.
According to CoinShares’ latest Digital Asset fund Flows Weekly report, cryptocurrency investment products saw $500 million of outflows partly over investors dropping Grayscale’s GBTC, which was recently converted into a spot Bitcoin ETF.
Outflows off of Grayscale’s funds totaled $2.23 billion, and led to the significant outflow figure, even as BlackRock’s spot Bitcoin ETF brought in $744 million and Fidelity’s fund brought in $643 million of inflows.
CoinShares’ report shows that Bitcoin investment products saw total outflows of $478.9 million, while Ethereum investment products saw $38.8 million of outflows. Products shorting Bitcoin, on the other hand, saw $10.6 million of inflows.
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When it comes to altcoins, products offering exposure to Litecoin saw $200,000 in outflows, while those offering exposure to XRP and Cardano saw $400,000 in outflows each. Solana-focused investment products were among the few seeing inflows, behind products focusing on multiple cryptocurrencies, which saw $7.1 million in inflows.
These movements come at a time in which the price of Bitcoin is heading for its fifth month of gains in a row, the longest run since the pandemic-driven rally boosted by stimulus checks.
If Bitcoin keeps rising, it will reach its highest streak of monthly gains since its pandemic-era rally between October 2020 and March 2021 before it reaches its peak of nearly $69,000 in November 2021.
Bitcoin plunged 21% in 12 the days following the debut of spot Bitcoin ETFs in the US this month, while GBTC faced massive outflows after its ETF conversion. The outflow rate has slowed down as BlackRock and Fidelity’s ETFs keep on attracting new investments.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/02/solana-investment-products-shine-with-3-million-inflow-as-crypto-products-see-500-million-outflow/
