Crypto investment products reversed their recent outflow trends last week, with Bitcoin, Ether and Solana exchange-traded products (ETPs) recording significant inflows.
Global crypto ETPs saw $3.3 billion in inflows last week, lifting overall assets under management (AUM) to $239 million, near the record high in August. Last month, crypto ETPs saw an all-time high AUM of $244 billion.
The inflows came as underlying assets showed modest gains over the week. Bitcoin (BTC), which traded at $111,900 on Sept. 8, rose 3.3% to $115,600 on Friday. Ether (ETH) went from $4,300 to $4,500 last week, a 4.6% gain in five days.
Meanwhile, Solana (SOL) performed the best among the three, surging from $214 to $239 through the week, an 11.6% gain, according to CoinGecko.
Bitcoin saw its largest weekly inflows since July
According to CoinShares’ head of research, James Butterfill, Bitcoin-based products saw the biggest rebound in sentiment last week.
Bitcoin funds saw $2.4 billion in inflows, their best weekly performance since July. On the other hand, short Bitcoin products and assets betting on the opposite side recorded modest outflows.
Ether-based products also broke a streak of outflows. According to Butterfill, Ether ETPs saw a reversal in sentiment, recording four straight days of inflows, totalling $646 million last week.
Flows by crypto asset. Source: CoinSharesRelated: London Stock Exchange launches blockchain platform for private funds
Solana ETFs record their biggest single-day inflow of $145 million
Butterfill said Solana products marked their biggest single-day inflow on Friday at $145 million. This pushed the asset’s weekly total inflows to $198 million.
The surge in interest in Solana ETFs comes after a $1.65-billion treasury announcement by Forward Industries.
Last Monday, the Nasdaq-listed company secured $1.6 billion in cash and stablecoin commitments to launch the biggest Solana crypto treasury. The raise was led by crypto companies Galaxy Digital, Jump Crypto and Multicoin Capital.
Following the announcement, Galaxy has been on a buying spree since Wednesday, purchasing a total of $1.5 billion in Solana tokens. The company bought as much as $305 million in a single day last week.
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Source: https://cointelegraph.com/news/crypto-etfs-inflows-bitcoin-ethereum-solana?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
