Key Points
- Bitcoin investment products broke the five-week outflow streak, attracting $144 million in weekly inflows.
- Solana also contributed to the net positive value with $5.9 million in inflows.
Bitcoin and Solana Attract Investment
Bitcoin investment products have seen a break in the pattern of outflows that has persisted for the past five weeks. They managed to attract $144 million in weekly inflows, according to a report by CoinShares. The previous weeks had seen significant outflows, despite a strong start to the year.
Last week, however, the products managed to amass a total of $130 million in inflows. This influx of investment is attributed to a growing interest in crypto products in Hong Kong. Additionally, ETFs in the U.S. registered low outflows.
Solana’s Contribution and ETP Volume
It wasn’t just Bitcoin that contributed to the net positive value. Solana also played a part, registering $5.9 million in inflows. Despite this improvement, the volume of Exchange Traded Products (ETPs) experienced a drop compared to the average weekly volume in April.
The average ETP volume in April was $17 billion, but last week it only reached $8 billion. This decrease suggests a declining interest in interacting with crypto products.
At the time of the report, Bitcoin’s price was $62,579, representing a 2.72% increase in the last 24 hours. Solana was trading at $148.22, a 7.44% increase within the same period. These price performances suggest that investing in Bitcoin and Solana-related products may have been a wise decision.
Ethereum’s Struggles
Ethereum was also on the radar, but unfortunately on the losing end. Ethereum products had outflows worth $14.4 million. The fading optimism about the approval of the Ethereum ETF application was the main reason for the decline.
Low interaction by US regulators with ETF issuer applications for a spot Ethereum ETF has increased speculation that the ETF approval is not imminent. This has been reflected in outflows which totaled $14 million last week.
