Cryptocurrency investment products saw inflows for the second consecutive week, totaling $78 million, according to CoinShares.
CoinShares-owned Komainu secures crypto custodian registration in UK
Komainu is increasing its presence in the U.K. after agreeing with authorities to store crypto seized during local investigations in 2021.
Bitcoin drives digital asset inflows for the first time in 6 weeks: Report
But Solana was the only other major asset to show inflows for the week.
CoinShares says US not lagging in crypto adoption and regulation
CoinShares, a provider of crypto exchange-traded products in Europe, is optimistic about spot Bitcoin ETFs in the United States.
CoinShares says US not lagging in crypto adoption and regulation
CoinShares, a provider of crypto exchange-traded products in Europe, is optimistic about spot Bitcoin ETFs in the United States.
Crypto investment firm CoinShares opens hedge fund division for US investors
CoinShares’ subsidiary and broker-dealer registered with FINRA will be conducting marketing activities for the new hedge fund division in the United States.
European Crypto Asset Manager CoinShares to Enter U.S. Hedge Fund Fray
CEO Jean-Marie Mognetti described the move as “a natural progression”, given the “changing macro environment prominently marked by interest rates and inflation.”
XRP bucks trend as crypto assets experience 4th straight week of outflows
Solana slid into the outflow column this week as Bitcoin’s outflows streak continued.
Solana YTD inflows suggest it’s the ‘most loved altcoin’ — CoinShares
Solana has seen steady inflows over the last nine weeks, even as other crypto investment products have faced outflows over a similar period.
Nomura, CoinShares, Ledger joint venture Komainu wins Dubai crypto license
Komainu completed the final step in VARA’s licensing process nearly 10 months after securing its MVP license in November 2022.
Bitcoin funds see weekly outflows of $111M, most since March: CoinShares
Solana bucked the trend, with its $9.5 million in inflows taking the top spot over the past week.
Solana Products See Strong Inflows, Bitcoin And Crypto Lose $107 Million
The past week has painted a vivid picture of shifting investor sentiment worldwide. While Bitcoin and the broader cryptocurrency market witnessed a significant outflow of funds from investment products like ETPs, ETFs and funds, Solana (SOL) emerged as a beacon of hope for altcoin enthusiasts.
A Dive Into The Numbers By Crypto Products
Digital asset investment products experienced a net outflow of $107 million this week, a figure that underscores the growing trend of profit-taking that has been evident in recent weeks. “Digital asset investment products saw outflows this week, totalling $107m with profit taking gathering pace in recent weeks,” James Butterfill noted in his recent report published in CoinShares’ blog.
Bitcoin, the de facto king of cryptocurrencies, bore the brunt of these outflows, seeing a staggering $111.4 million leave its coffers. This marks the “largest weekly outflows since March,” a time when US regulatory scrutiny began to intensify. Interestingly, for the first time in 14 weeks, the outflows into short bitcoin positions have also come to a halt.
Ethereum wasn’t spared either. The second-largest cryptocurrency by market capitalization saw outflows totalling $5.9 million, bringing the combined outflows for both Bitcoin and Ethereum to $117.3 million in just the past week.
Solana Is The Rising Star
Amidst this backdrop of outflows, Solana stood out, not just for its resilience, but for its impressive inflows. The altcoin witnessed the “largest inflows, totaling $9.5m, the largest single week of inflows since March 2022.” This surge in interest has propelled Solana’s Assets Under Management (AUM) to $89 million. With month-to-date inflows equalling $9.5 million and year-to-date inflows at $25 million, Solana is clearly on an upward trajectory.
To put this in perspective, Bitcoin has the largest AUM with $24,136 million, followed by Ethereum with $7,820 million and multi-asset investment products with $3,060 million. Litecoin ($134 million) and Bitcoin Short ($104) also have bigger AUM than Solana. However, Solana’s AUM has now surpassed that of established altcoins like XRP ($74 million), Cardano ($28 million), and Polygon ($24 million).
While Solana basked in the limelight, other altcoins had a mixed week. XRP and Litecoin registered modest inflows of $0.5 million and $0.46 million respectively. However, Uniswap and Cardano weren’t as fortunate, witnessing outflows of $0.8 million and $0.3 million respectively.
Regionally, the outflows were predominantly concentrated among two ETP providers in Germany and Canada, which saw outflows of $71 million and $29 million respectively.
SOL Price Analysis
At press time, the Solana (SOL) price was trading at $23.05, above the 200-day EMA. If SOL manages to defend the 200-day EMA in the following days and confirm the breakout from the descending triangle, the chart looks very bullish. The next resistance level can be expected at the 50% Fibonacci retracement level ($24.00), before another move to the 61.8% Fibonacci level at $27.44 seems possible.
European digital asset manager CoinShares’ revenue up 33% in Q2
Proprietary trading activities contributed heavily to the revenue increase.
Crypto investors cool on Bitcoin funds, turning to Ether and XRP
Bitcoin-related funds saw outflows of $13 million over the past week, reversing five weeks of bullish inflows, according to Coinshares analyst James Butterfill.
Crypto investors cool on Bitcoin funds, turning to Ether and XRP
Bitcoin-related funds saw outflows of $13 million over the past week, reversing five weeks of bullish inflows, according to Coinshares analyst James Butterfill.
Crypto Investors Sour on Bitcoin Funds After Massive Inflows, Turn Instead to Ether and XRP
Digital asset investment products recorded outflows last week for the first time since mid-June, CoinShares reported.
Inflows into crypto investment funds rise as Bitcoin carries 99% of the load
However, Ethereum saw outflows in the amount of $2 million and remains the asset with the most outflows year-to-date.
Bitcoin continues dominance as 3rd week of fund inflows correct previous months’ outflows
Blockchain equities inflows reached a recent high of $15 million as well. However, total trading volume dropped.
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Crypto Investment Funds See 8th Consecutive Week of Outflows
Unfavorable monetary and regulatory policy continue to take a toll on the industry.