Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report

Cryptocurrency funds and products posted net inflows of $88 million last week, during which crypto prices continued to show weakness ahead of this week’s central bank meeting, where they are expected to announce an accelerated tapering of bond purchases and open the door to a rate hike. With two more weeks to go in 2021, inflows so far this year added up to a record $9.5 billion, compared to $6.7 billion in 2020. While the world’s largest digital asset manager, Grayscale, has seen zero inflows for months now, CoinShares XBT, 3iQ, 21 Shares, and ETC Group recorded outflows. Purpose Investments launched the first Bitcoin ETF in North America in February this year, and then Ether ETF recorded the highest inflow of $176.6 million. Meanwhile, trading volumes across investment products dropped 13% to $3 billion for the week. According to the data from digital asset manager CoinShares, for the week ending Dec. 10, Bitcoin (BTC) managed to attract inflows of $51 million. This was the 13th straight week of inflows for the leading cryptocurrency putting its YTD net total to $6.5 billion. [coin_stats_table symbol="BTC"] “Trends remain bearish near-term, and momentum has not shown proper evidence of stabilizing in a way that should allow a bounce to unfold just yet,” said Fundstrat in a research note. Ethereum (ETH) meanwhile saw just $17 million in outflows last week, the first time since six weeks of inflows. With the outflows reflecting only 0.009% of assets under management, it is “likely not meaningful.” [coin_stats_table symbol="ETH"] Ethereum competitor Solana (SOL) continues to buck the trend seeing nearly $19 million in inflows last week, the second-highest after Bitcoin. [coin_stats_table symbol="SOL"] This also brings its monthly inflows at $17.2 million, second to only Bitcoin’s $88.2 million, while Ether’s has been net outflows in December so far at $3.6 million. Much like Solana, Tron (TRX) and multi-asset investment products recorded $17 mln and $15 mln in inflows, respectively. [coin_stats_table symbol="TRX"] The recent inflow into Tron has been in line with its price appreciation on the back of being dubbed “world computer” coin that has pushed its total AUM at $92 mln above that of Cardano’s (ADA) $68 mln. [coin_stats_table symbol="ADA"]