The performance of digital assets shocked market watchers as different products witnessed a significant second week of positive inflows. The crypto space recorded a massive $321 million to stay green at the close of trading.

ETF products propel Bitcoin’s success

Some have attributed this surge to the 50-basis-point interest rate cut by the U.S. Federal Open Market Committee (FOMC). In a chart showing flows of different assets, Bitcoin topped the list, with $284 million to justify its title as the world’s leading cryptocurrency. On the other hand, Ethereum recorded a fifth successive week of outflows to approximately $29 million.

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Other single-digit performers are Multi-Asset, whose weekly inflow stood at $54.2 million. This leaves a huge distance to short Bitcoin and Solana, with entries of $5.1 million and $3.2 million, respectively.

Notable spot Bitcoin ETF products that contributed heavily to the inflows include Fidelity and Ark 21Shares, which had $138 million and $102 million, respectively. Others include Bitwise ETF and BlackRock iShares, which had $67 million and $30 million, respectively. Grayscale Investments remained in the financial woods with a significant outflow of $65 million.

The United States remains in the leading position regarding exchanges, with the highest inflows in the past week. The U.S. recorded $277 million in inflows, compared to second-placed Switzerland's $63.4 million.

However, exchanges in Germany, Sweden, Canada and Hong Kong saw outflows of $9.5 million, $7.8 million, $2.3 million and $1.3 million, respectively.

Ethereum and XRP show mixed results

Ethereum, the only altcoin with a spot ETF product, registered its fifth successive outflow, largely due to persistent outflows from Grayscale Trust. Other products have not recorded significant inflows to cancel out the outflows.

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Meanwhile, Solana has maintained consistency in its inflows. Last week, its total performance stood at $3.2 million. Although two asset managers – VanEck and 21Shares – have filed for a Solana ETF with the regulatory authority, notable experts believe the next U.S. president will likely influence approval.

While Ethereum and Cardano registered outflows, XRP stayed green with an inflow of $0.1 million. However, at the time of writing, the XRP price had dipped by 1.16% to trade at $0.5867. Market volume was also down by 14.51% to $968,589,368 in the past 24 hours.