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

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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.

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