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Bitcoin (BTC) Finally Records Inflows After 8 Weeks, Solana (SOL) Remains the Favorite Altcoin

bitcoinexchangeguide.com 07 September 2021 13:39, UTC
Reading time: ~2 m

Sentiments are improving in the market as Bitcoin recorded inflows for the very first time after eight consecutive weeks of outflows — the longest period endured by any digital asset investment product. Bitcoin saw inflows of $59 million, “marking a potential turnaround in sentiment amongst investors,” states CoinShares report. For the week ending Sept. 3, digital asset investment products saw a total of $98 million in inflows. This has been the third week in a row that inflows were recorded, totaling $140 million. Given that Bitcoin (BTC) has just started seeing inflows, altcoins remain the favorite amongst investors whose market share is now a record 35% of investment products. When it comes to altcoins, Solana (SOL) is leading with its last week’s inflows at $13.2 million, doubling the total inflows year-to-date. This altcoin's asset under management (AUM) grew to $44 mln last week, from $15 mln the previous week. [coin_stats_table symbol="SOL"] Ethereum (ETH) meanwhile had the third week of inflows totaling $14.4 mln with its market share at a record 28%. Other altcoins, such as Cardano (ADA), Polkadot (DOT), and Ripple (XRP) all saw notable inflows of $6.5 mln, $2.7 mln, and $1.2 mln respectively.  Compared to Bitcoin’s $40.6 bln AUM, Ethereum has $17.45 bln. Multi-asset investment products have the third-largest AUM at $3.5 bln, and among other altcoins, Binance leads with $540 mln, followed by Cardano at $98 mln, and Ripple at $82 mln. In terms of digital asset managers, Grayscale has had zero weekly flows but nearly $2.4 bln YTD flows, the highest of any other, followed by Purpose's $1 bln YTD. The largest digital asset manager also leads in the AUM by a wide margin at $46.26 bln, with the next one CoinShares XBT, not even coming close at $4.7 bln. In terms of weekly flow, the ETC Group had the largest at $69.7 mln, followed by 21Shares at $29.8 mln.

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