Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report
Bitcoin recorded inflows for the 13th straight week while Ether broke its six-week streak with non-meaningful outflows.
Cryptocurrency funds and products posted net inflows of $88 million last week, during which crypto prices continued to show weakness ahead of this week’s central bank meeting, where they are expected to announce an accelerated tapering of bond purchases and open the door to a rate hike.
With two more weeks to go in 2021, inflows so far this year added up to a record $9.5 billion, compared to $6.7 billion in 2020.
While the world’s largest digital asset manager, Grayscale, has seen zero inflows for months now, CoinShares XBT, 3iQ, 21 Shares, and ETC Group recorded outflows. Purpose Investments launched the first Bitcoin ETF in North America in February this year, and then Ether ETF recorded the highest inflow of $176.6 million.
Meanwhile, trading volumes across investment products dropped 13% to $3 billion for the week.
According to the data from digital asset manager CoinShares, for the week ending Dec. 10, Bitcoin (BTC) managed to attract inflows of $51 million. This was the 13th straight week of inflows for the leading cryptocurrency putting its YTD net total to $6.5 billion. BTC -1.06% Bitcoin / USD BTCUSD $ 21,200.70
-$224.73-1.06% Volume 23.28 b Change -$224.73 Open $21,200.70 Circulating 19.1 m Market Cap 404.85 b 6 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 6 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 6 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
“Trends remain bearish near-term, and momentum has not shown proper evidence of stabilizing in a way that should allow a bounce to unfold just yet,” said Fundstrat in a research note.
Ethereum (ETH) meanwhile saw just $17 million in outflows last week, the first time since six weeks of inflows. With the outflows reflecting only 0.009% of assets under management, it is “likely not meaningful.” ETH 0.83% Ethereum / USD ETHUSD $ 1,363.95
$11.320.83% Volume 16.85 b Change $11.32 Open $1,363.95 Circulating 121.59 m Market Cap 165.84 b 6 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 6 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 6 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022
Ethereum competitor Solana (SOL) continues to buck the trend seeing nearly $19 million in inflows last week, the second-highest after Bitcoin. SOL -1.14% Solana / USD SOLUSD $ 39.47
-$0.45-1.14% Volume 1.23 b Change -$0.45 Open $39.47 Circulating 345.48 m Market Cap 13.64 b 6 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 6 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows
This also brings its monthly inflows at $17.2 million, second to only Bitcoin’s $88.2 million, while Ether’s has been net outflows in December so far at $3.6 million.
Much like Solana, Tron (TRX) and multi-asset investment products recorded $17 mln and $15 mln in inflows, respectively. TRX -1.33% TRON / USD TRXUSD $ 0.07
$0.00-1.33% Volume 500.47 m Change $0.00 Open $0.07 Circulating 92.44 b Market Cap 6.28 b 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon Justin Sun Stepping Down from Tron (TRX) Leadership To Be A Diplomat For Grenada 7 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report
The recent inflow into Tron has been in line with its price appreciation on the back of being dubbed “world computer” coin that has pushed its total AUM at $92 mln above that of Cardano’s (ADA) $68 mln. ADA -0.54% Cardano / USD ADAUSD $ 0.45
$0.00-0.54% Volume 693.88 m Change $0.00 Open $0.45 Circulating 33.75 b Market Cap 15.27 b 6 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 7 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report