Crypto assets saw $708m inflows last week; Bitcoin and Solana lead

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Crypto-linked funding merchandise skilled the second-largest influx of 2024 final week, amounting to $708 million, almost 99% of which got here from Bitcoin. 

The U.S. market recorded $721 million in inflows, with the contemporary ETFs alone gathering $1.7 billion. In keeping with CoinShares analysis, spot Bitcoin ETFs have persistently attracted a median of $1.9 billion in capital over the previous month, culminating in a complete of $7.7 billion since their approval. 

Bitcoin ETFs have maintained a median influx of $1.9 billion over the past 4 weeks, reaching a cumulative $7.7 billion since they had been first launched within the second week of January. Regardless of this surge, there was a $6 billion withdrawal from established funds, together with Grayscale and ProShares.

Nonetheless, current information signifies a noticeable slowdown in these outflows.

Bitcoin ETF investment inflow chart
Bitcoin ETF funding influx chart | Supply: CoinShares

Bitcoin dominated the influx charts with $703 million, representing 99% of the entire funding move. In distinction, merchandise betting towards Bitcoin skilled a slight withdrawal of $5.3 million, aligning with a optimistic shift in its value developments.

Amongst different cryptocurrencies, Solana stood out with $13 million in inflows, surpassing Ethereum and Avalanche, which confronted withdrawals of $6.4 million and $1.3 million throughout the identical timeframe.

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