While the crypto investment sector has seen significant outflows in recent weeks, the opposite has now occurred, with combined inflows reaching $441 million in the past week alone. This follows three consecutive weeks of rising net outflows concerns about investor confidence.
As reported According to James Butterfill, head of research at CoinShares, the inflows seen over the past week, despite recent market conditions, suggest that many likely viewed the recent declines as a “purchase opportunity“to invest rather than as a signal to withdraw.
Crypto Fund Flow Details
Bitcoin purchases Capital flows have been very mixed this week, with Ethereum and other altcoins, such as Solana, attracting significant interest. Bitcoin still leads the pack with $384 million; however, this represents a departure from its usual near-total dominance.
CoinShares’ report shows that Solana has done particularly well, attracting $16 million in inflows, “bringing year-to-date (YTD) inflows to $57 million, making it the best-performing altcoin from a flows perspective,” according to James Butterfill.
Ethereum also saw a favorable adjustment with $10 million inflows, although it is the only major crypto asset to still see a net outflow year-to-date.
Meanwhile, huge investment firms like Ark Invest, Fidelity, and BlackRock have all seen similar trends in capital inflows. In the US, bitcoin has garnered $384 million from local funds, making for a particularly vibrant market.
However, not all regions reflected this optimism; Germany-based funds saw $23 million in net outflows, likely influenced by recent asset sales by the German Governmentaccording to Butterfill.
Market Performance: BTC, ETH and SOL Show Signs of Stabilization
However, the market as a whole remained relatively bearish, with several major cryptocurrency assets falling sharply last week. Bitcoin fell to a low of $53,000 on Friday for the first time since February. However, over the past 24 hours BitcoinEthereum and Solana recovered slightly.
Bitcoin saw a slight 0.5% gain, regaining the $57,000 threshold, while Ethereum gained 2.2%, also returning to the crucial $3,000 mark. Similarly, Solana closely followed these major crypto assets, registering a 2.4% gain to trade at $140.86 at the time of writing.
The $16 million investment in Solana-based products also comes at a time when VanEck, one of the world’s largest asset managers and issuers of Bitcoin exchange-traded funds (ETFs), is planning to launch a Solana-based ETF.
VanEck recently filed with the United States Securities and Exchange Commission (SEC) for the first-ever Solana Spot ETF, marking a pivotal moment for the cryptocurrency.
Featured image created with DALL-E, chart by TradingView
