Despite a correction in cryptocurrency prices, Ethereum and Solana saw net inflows last week. CoinShares’ latest Digital Asset Fund Flows Weekly Report revealed a total of $176 million in inflows into these investment products, demonstrating global investor interest.
Contrary to the dominance of Bitcoin, Ethereum-based investment products attracted the most inflows during the week.
Institutional Interest in Ethereum and Solana
Institutional investors continue to show confidence in digital assets’ long-term potential despite market fluctuations. The total Assets under Management (AuM) of investment products dropped from $95 billion to $75 billion due to the extended crypto market correction but have since rebounded to $85 billion, fueled by consistent inflows.
Trading volume in exchange-traded products (ETPs) surged to $19 billion last week, surpassing the $14 billion weekly average for the year. Ethereum-based products stood out as the primary beneficiaries of these inflows, marking a departure from Bitcoin’s traditional dominance.
Ethereum-based products received $155 million in inflows, comprising 88% of the total. In contrast, Bitcoin attracted $13 million in inflows. Solana-based products also saw $4.5 million in inflows.
Short-Bitcoin ETPs experienced significant outflows, with $16 million withdrawn, representing 23% of total assets under management for these products.
All regions reported inflows, with the US leading at $89 million. Switzerland, Brazil, and Canada also saw significant inflows.
Looking Ahead
The shift away from bearish strategies, evident in the outflows from Short-Bitcoin ETPs, mirrors renewed confidence in digital assets. The market appears to be recovering from corrections, with major cryptocurrencies showing gains in the past 24 hours.
