HomeEthereumEthereum Products Experience $61M Outflows, While Solana Receives $1.6M Inflows During Crypto...

Ethereum Products Experience $61M Outflows, While Solana Receives $1.6M Inflows During Crypto Market Downturn

-


Cryptocurrency Investment Products See $30 Million Outflows, Ethereum Products Hit Two-Year Low

Cryptocurrency investors saw a tumultuous week as outflows of $30 million were recorded across investment products, with Ethereum-focused products experiencing their largest outflows in nearly two years. According to CoinShares’ Digital Asset Fund Flows weekly report, the trend of outflows continued for the third consecutive week, with Grayscale leading the way in significant outflows.

Despite the overall outflows, trading volumes surged by 43% week-on-week to $6.2 billion, although still below the yearly average of $14.2 billion. Bitcoin investment products managed to attract $10 million in inflows, while Ethereum-focused products saw a staggering $60.7 million in outflows. Solana, Litecoin, and XRP saw modest inflows, with Solana attracting $1.6 million.

GSR, a crypto trading firm, took a bullish stance on Solana, citing its superior technology and potential for a spot exchange-traded fund (ETF) in the United States. The firm highlighted Solana’s innovative features, including its Proof-of-History mechanism and low transaction costs, as well as its vibrant user and developer communities.

The bullish sentiment towards Solana comes amidst a shifting political landscape, with GSR suggesting that support from former President Trump and a potential softening stance from Democrats could lead to a more favorable regulatory environment for cryptocurrencies. This could pave the way for the approval of spot ETFs for cryptocurrencies beyond Bitcoin.

In addition to the cryptocurrency market, blockchain-related equities also faced challenges, with outflows of $545 million representing 19% of assets under management. Despite the uncertainties, investors remain optimistic about the potential of cryptocurrencies and blockchain technology.

Overall, the cryptocurrency market continues to be a dynamic and evolving space, with investors closely monitoring developments and seeking opportunities for growth and innovation.

LATEST POSTS

Don Julio’s Tequila Blockchain Cask Sale on BlockBar

Heading: Tequila Don Julio's Blockchain Cask Sale on BlockBar Tequila enthusiasts and spirits collectors are in for a treat as Tequila Don Julio has partnered...

Why I Shouldn’t Have Signed Up for Binance, Coinbase, and Kraken in Hong Kong – DL News

Testing Compliance: Opening Accounts at Top Crypto Platforms in Hong Kong Top crypto exchanges are continuing to service customers in Hong Kong despite a ban...

Predicting the Value of Ether in 2030

VanEck Predicts Ether (ETH) to Reach $22,000 by 2030: What Justifies This Forecast? VanEck, a prominent investment company, has made a bold prediction regarding the...

Robinhood acquires Bitstamp in unexpected $200 million transaction

Robinhood Acquires Bitstamp in $200 Million Deal, Expanding Crypto Presence in Overseas Markets Robinhood Makes Major Move in Crypto Industry with Acquisition of Bitstamp In a...

Most Popular