Solana, XRP Record Institutional Inflows As Bitcoin, Ethereum Bleed—What's Up?
Unlike crypto titans, altcoin investment funds saw inflows for Solana, XRP, Cardano, and Litecoin over the week. In CoinShares' latest weekly report on digital asset investment funds, institutional investors are less optimistic. After three weeks of inflows, crypto investment funds lost $147 million last week. As expected, Bitcoin led these outflows, followed by Ethereum.
Ethereum and Bitcoin Blew Out.
Many cryptocurrencies had a big week last week, and data suggests their investment funds did too. Bitcoin and Ethereum began October poorly after a good September. Institutional investors also reduced their stakes.
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Thus, digital asset investment funds, which had a $1.2 billion influx the week before, saw little inflow last week. Therefore, their net flows became negative and concluded the week at -$147 million. CoinShares attributed this to last week's better-than-expected economic statistics, which narrowed the Fed's rate reduction options.
Bitcoin lost $159 million this week. US Spot Bitcoin ETFs had $301.5 million in withdrawals this week. Ethereum-based investment funds lost $28.9 million last week, mostly from US Spot Ethereum ETFs.
XRP, Cardano, And Solana Record Surprising Inflows
Despite the Bitcoin and Ethereum slump, institutional investors bought many altcoins, bucking the trend. Solana, XRP, Cardano, and Litecoin received $5.3 million, $0.3 million, $0.3 million, and $0.9 million.
Last week, institutional investors invested $29.4 million in multi-asset products, the highest. This is noteworthy since multi-asset product inflows have continued for 16 weeks.
Short Bitcoin product investment was another highlight. Short Bitcoin products also had a $2.8 million net inflow, suggesting the Bitcoin mood reversal. BNB was the only cryptocurrency to lose $1 million after Bitcoin and Ethereum.
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