Crypto Products Record $21 Million Inflows, Solana Leads Altcoin Resurgence
Digital asset products recorded inflows of $21 million for the first time after six consecutive weeks of outflows.
An Oct. 2 market report released by CoinShares show a change in the tide in crypto investment products amid the bear market that continues to wear down asset prices, miner profits and wider adoption.
The week started low with traders expecting another week of losses but things took a different turn on Friday following key factors including a slight price momentum, institutional movements on the market and the recent United States government funding debacle.
Last week, market leader (BTC) recorded inflows after a week of losses. BTC products posted $20 million, taking the weekly lion's share while short-bitcoin saw outflows of $1.5 million driving outflows since April to $85 million.
Leading altcoin Ethereum (ETH) maintains its losing streak after it recorded outflows of $1.5 million, marking its seventh straight week of outflows.
ETH prices have been unstable this year but have recorded a massive boost from last year's poor outing. Despite this and the buzz around an Ethereum exchange traded fund (ETF) it continues to record weekly outflows.
For weeks little activity has been recorded in the altcoin space but Solana’s (SOL) consistency has made it an institutional investor favorite.
The community dubbed ETH Killer recorded inflows of $5 million marking 27 consecutive week of gains and four weeks of outflows this year.
Solana also tapped its highest total value locked (TVL) this year after it hit $338.8 million with SOL trading as above 20% this week.
Solana’s yearly growth has been linked to numerous partnerships including Visa as it offers fast payments without the amount of users and devs like the Ethereum
Read more on cryptonews.com
