- Bitcoin contributed $144 million to the investment, while Solana had $5.9 million.
- Ethereum’s struggle with regulatory uncertainty caused an outflow from its products.
Bitcoin [BTC] investment products have finally broken the five-week outflow, attracting $144 million in weekly inflows, according to a recent report from CoinShares.
Every week, the digital asset management company released detailed information about investments in crypto products. Over the past five weeks, these have all ended in massive outflows, despite the initial strong start to the year.
Volume falls, capital rises
But last week the products succeeded massive influx a total of $130 million. The report linked the increase to growing interest in crypto products in Hong Kong.
US ETFs also recorded low outflows. However, Bitcoin wasn’t the only cryptocurrency that ended the record in a net positive value.
According to CoinShares, Solana [SOL] also had a stake in it as it recorded an inflow of $5.9 million. Despite the improvement, ETP volume declined compared to average weekly volume in April.
Source: CoinShares
ETP stands for Exchange Traded Products. In April, the average volume was $17 billion. But the statistic couldn’t match that last week, as it was only $8 billion.
The decline indicated declining interest in interacting with crypto products, with the report noting that:
“These volumes highlight that ETP investors are currently participating less in the crypto ecosystem, representing 22% of total volumes on global trusted exchanges, compared to 31% last month.”
At the time of writing, the price of Bitcoin was $62,579. This was an increase of 2.72% in the past 24 hours. Solana, on the other hand, changed hands for $148.22 – up 7.44% over the same period.
BTC and SOL are leaving ETH behind
With this price performance, it could be possible that investing capital in Bitcoin and Solana-related products was a wise choice.
Moreover, it seemed that the market was gaining more and more confidence in BTC and SOL. This was evident from the state of their weighted sentiment.
Using Santiment’s on-chain data, AMBCrypto noticed that Bitcoin’s weighted sentiment was 0.201. This reading implied that the comments about the coins were largely positive.
For SOL this was -0.429. However, this was a notable improvement compared to the reading on May 12. As such, this was confirmation that the bearish bias around Solana was waning.
Source: Santiment
Meanwhile, Ethereum [ETH] was also on the radar. But this time it was on the losing side as AMBCrypto reported how the altcoin received more inflows over the past week.
Realistic or not, here is SOL’s market cap in BTC terms
Based on the latest data, Ethereum products had outflows worth $14.4 million.
Declining optimism over the approval of the Ethereum ETF application was the main reason for the decline, with CoinShares explaining that:
“The low level of interaction from US regulators with ETF issuer applications for a spot Ethereum ETF has increased speculation that ETF approval is not imminent. This was reflected in outflows totaling $14 million last week.”