Bitcoin contributed $144 million and Solana contributed $5.9 million.
Ethereum has witnessed an outflow of money from its products due to its struggle with regulatory uncertainty.
According to a recent report from Coinshares, #bitcoin [BTC] related investment products have finally broken the five-week outflow, generating a weekly inflow of $144 million.
The digital asset manager publishes weekly details on #cryptocurrency investments. The past five weeks have all ended with large outflows despite a strong start to the year.
However, last week they managed to attract inflows totaling $130 million. The authors of the report attribute this growth to the growing interest in cryptocurrencies in Hong Kong.
U. S. ETFs also experienced a small outflow. However, bitcoin wasn't the only cryptocurrency to record gains.
#Solana [SOL] also recorded inflows of $5.9 million, according to Coinshares data, and ETP volumes were up but down from the average weekly volume in April.
ETP stands for Exchange Traded Products. The average volume in April was $17 billion. However, last week's figures fell short of that level to $8 billion.
This drop in performance indicates a decline in interest in cryptocurrencies,
These volumes are indicative of the declining participation of ETP investors in the cryptocurrency ecosystem, accounting for 22% of total trading volume on trusted exchanges worldwide, down from 31% last month.
At the time of publication, the price of bitcoin stood at $62,579. It has risen 2.72% in the last 24 hours. Meanwhile, the price of Solana stands at $148.22, up 7.44% over the same period.
Given these price dynamics, investing in bitcoin and Solana-related instruments can be considered a smart choice.
In addition, the market seems to have become more confident about #BTC and SOL. This can be seen in the state of their weighted sentiment.
In the case of SOL, this indicator was -0.429.
Read us at: Compass Investments