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/
