The post Bitcoin Maintains Market Dominance With $42 Million In Inflows appeared on BitcoinEthereumNews.com.

Digital asset investment funds witnessed another week of inflows last week, albeit at a small amount, to extend the run of inflows to two consecutive weeks. Notably, investment funds attracted a net inflow of $30 million last week. One of the key highlights of the week was Bitcoin’s strong performance in attracting investor interest. After being overshadowed by Ethereum in the previous week, Bitcoin regained its leading position, drawing the majority of the inflows. Solana, on the other hand, experienced its largest outflow on record, which was primarily driven by a decline in trading volumes of Solana-based meme coins. Bitcoin Maintains Market Dominance Last week’s inflow and outflow data on digital asset investment funds, as unveiled in CoinShares’ latest weekly report, reveals a cautious approach by investors amid uncertain economic signals. According to the report, digital asset investment products experienced minor inflows totaling $30 million. Related Reading Investors were particularly cautious about investing in digital asset investment funds, especially with recent data teasing that the FED is less likely to cut interest rates by 50 basis points in September. As such, the weekly trading volume came in at around $7.9 billion, a 50% drop from the previous week. As stated earlier, the majority of the inflows went into Bitcoin-based products. They witnessed $42 million in inflows, which is a 223% increase from the $13 million registered the previous week. Next on the inflow rank are multi-asset investment products, which registered $21 million worth of inflows. These products, which offer diversified exposure across multiple cryptocurrencies, have continued to attract investor interest.  Ethereum, however, experienced a dramatic drop in inflows. Ethereum-based products had only $4.2 million worth of inflows last week, a 97% decrease from the $155.4 registered in the previous week. Interestingly, CoinShares notes that Ethereum witnessed a flurry of activity…

---

Filed under: News - @ August 21, 2024 6:21 am