Cryptocurrency investment products saw their third consecutive week of outflows last week with around $435 million leaving these products in the largest weekly outflow since March 2024, but despite the outflows multi-asset and Solana-focused products saw significant inflows.
According to CoinShares’ latest Digital Asset Fund Flows weekly report, cryptocurrency investment products also saw trading volumes drop to $11.8 billion over the past week, compared to $18 billion the prior week, in a decrease that aligned with Bitcoin’s price drop.
Grayscale, a leading digital asset investment manager, continued to experience outflows, although at a decelerating rate. The firm saw $440 million leave its products last week, which represents its lowest outflow in nine weeks.
The outflows were primarily concentrated on Bitcoin and Ethereum investment products, with $423 million and $38 million leaving these products, respectively. Interestingly, a broad range of alternative cryptocurrencies (altcoins) saw inflows, with investors favoring multi-coin investment products, which saw $7 million of inflows.
<!–
–>
Popular altcoins like Solana, Litecoin, and Chainlink also continued to attract investment, with inflows of $4 million, $3 million, and $2.8 million, respectively. Per CoinShares, institutional investors are seemingly “broadening their exposure to altcoins”, including SOL, which has itself seen a “dramatic increase in allocations.”
Investors are seemingly more optimistic about Solana, based on a survey of 64 investors with a total of $600 billion in assets under management. It’s worth noting that Solana’s price is up over 470% over the past year as it saw a major surge, but it has lost around 33% of its value over the last 30 days.
As CryptoGlobe reported, a popular cryptocurrency analyst known in the space for accurately predicting the cryptocurrency market bottom during the 2018 bear market, has recently said the price of Solana is “gearing up for a violent breakout.”
Notably, earlier this month Solana whales started buying up memecoins amid a recent cryptocurrency market downturn that has seen the prices of these assets plunge.
Featured image via Unsplash.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.cryptoglobe.com/latest/2024/04/solana-investment-products-experience-significant-inflows-as-sol-sees-dramatic-increase-in-institutional-allocations/
- :has
- :is
- :not
- $3
- $UP
- 2018
- 2024
- 26%
- 30
- 7
- 8
- a
- About
- accurately
- Ads
- aligned
- All
- allocations
- also
- Altcoins
- alternative
- Although
- Amid
- analyst
- and
- appear
- ARE
- around
- AS
- asset
- Assets
- At
- attract
- based
- BE
- Bear
- Bear Market
- Billion
- Bitcoin
- bitcoin and ethereum
- Bottom
- breakout
- broad
- but
- Buying
- Chainlink
- CoinShares
- compared
- Concentrated
- consecutive
- continued
- cryptocurrencies
- cryptocurrency
- cryptocurrency market
- CryptoGlobe
- Days
- decrease
- Despite
- digital
- Digital Asset
- DOWNTURN
- Drop
- during
- Earlier
- ethereum
- experience
- Exposure
- Firm
- For
- from
- fund
- funds
- hedge
- Hedge Funds
- HTTPS
- image
- in
- Including
- Increase
- inflows
- Institutional
- institutional investors
- investment
- Investors
- IT
- ITS
- itself
- jpg
- known
- largest
- Last
- latest
- leading
- Leave
- leaving
- like
- Litecoin
- lost
- lowest
- major
- management
- manager
- Managers
- March
- March 2024
- Market
- market downturn
- Memecoins
- million
- Month
- more
- multi-asset
- nine
- noting
- of
- on
- Optimistic
- outflows
- over
- past
- per
- plato
- Plato Data Intelligence
- PlatoData
- plunge
- Popular
- predicting
- price
- Prices
- primarily
- Prior
- Products
- range
- Rate
- recent
- recently
- report
- Reported
- represents
- respectively
- Said
- saw
- Screen
- screens
- seemingly
- seen
- sees
- significant
- since
- sizes
- SOL
- Solana
- Space
- started
- surge
- Survey
- that
- The
- their
- These
- Third
- this
- to
- Total
- Trading
- trading volumes
- true
- under
- use
- value
- via
- volumes
- Wealth
- week
- weekly
- Weeks
- were
- whales
- which
- with
- worth
- year
- zephyrnet