Bitcoin (BTC) Finally Records Inflows After 8 Weeks, Solana (SOL) Remains the Favorite Altcoin
Sentiments are improving in the market as Bitcoin recorded inflows for the very first time after eight consecutive weeks of outflows — the longest period endured by any digital asset investment product.
Bitcoin saw inflows of $59 million, “marking a potential turnaround in sentiment amongst investors,” states CoinShares report.
For the week ending Sept. 3, digital asset investment products saw a total of $98 million in inflows. This has been the third week in a row that inflows were recorded, totaling $140 million.
Given that Bitcoin (BTC) has just started seeing inflows, altcoins remain the favorite amongst investors whose market share is now a record 35% of investment products.
When it comes to altcoins, Solana (SOL) is leading with its last week’s inflows at $13.2 million, doubling the total inflows year-to-date. This altcoin's asset under management (AUM) grew to $44 mln last week, from $15 mln the previous week. SOL -9.94% Solana / USD SOLUSD $ 139.07
-$13.82-9.94% Volume 5.48 b Change -$13.82 Open $139.07 Circulating 296.97 m Market Cap 41.3 b 1 h Bitcoin Price Flash Crashes to $5,400 on Solana-based Oracle Pyth Network Causing Liquidations 5 h JPMorgan says Ether Is Overvalued at Current Prices and DeFi’s Institutional Adoption Is Above 60% 7 h Bitcoin, Crypto, and Stocks Dip While USD Rips as Money Flows into the Private Market
Ethereum (ETH) meanwhile had the third week of inflows totaling $14.4 mln with its market share at a record 28%. Other altcoins, such as Cardano (ADA), Polkadot (DOT), and Ripple (XRP) all saw notable inflows of $6.5 mln, $2.7 mln, and $1.2 mln respectively. ADA -9.08% Cardano / USD ADAUSD $ 2.12
-$0.19-9.08% Volume 5.92 b Change -$0.19 Open $2.12 Circulating 32.03 b Market Cap 67.74 b 5 h JPMorgan says Ether Is Overvalued at Current Prices and DeFi’s Institutional Adoption Is Above 60% 3 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 6 d Polygon to Integrate EY’s Blockchain Solutions Into Its Ecosystem DOT -15.20% Polkadot / USD DOTUSD $ 28.91
-$4.39-15.20% Volume 3.84 b Change -$4.39 Open $28.91 Circulating 987.58 m Market Cap 28.55 b 3 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 6 d Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows 1 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits XRP -13.18% XRP / USD XRPUSD $ 0.92
-$0.12-13.18% Volume 5.72 b Change -$0.12 Open $0.92 Circulating 46.62 b Market Cap 43.09 b 6 d Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows 1 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits 1 w Southeast Asia’s Largest Bank (DBS) Sees Increasing Crypto Demand from Corporate Investors and Wealthy Family Funds
Multi-asset investment products have the third-largest AUM at $3.5 bln, and among other altcoins, Binance leads with $540 mln, followed by Cardano at $98 mln, and Ripple at $82 mln.
In terms of digital asset managers, Grayscale has had zero weekly flows but nearly $2.4 bln YTD flows, the highest of any other, followed by Purpose's $1 bln YTD. The largest digital asset manager also leads in the AUM by a wide margin at $46.26 bln, with the next one CoinShares XBT, not even coming close at $4.7 bln.
In terms of weekly flow, the ETC Group had the largest at $69.7 mln, followed by 21Shares at $29.8 mln.