Solana Tops Digital Asset Fund Flows
First inflows totaling US$21 million following a six-week run of outflows.
Takeaways
- Positive price action in recent weeks has now pushed total assets under management (AuM) to US$57.3bn, the highest since mid-May.
- Solana, a competitor to Ethereum, saw the largest inflows of any digital asset last week totalling US$7.1m.
- Ethereum saw minor inflows totalling US$3.2m last week along with other altcoins such as Cardano, Litecoin and Polkadot which saw inflows of US$6.4m, US$1.8m and US$1.1m respectively.
Digital asset investment products saw net inflows of US$21m, the first following 6 straight weeks of outflows, indicating an improved investor sentiment. Positive price action in recent weeks has now pushed total assets under management (AuM) to US$57.3bn, the highest since mid-May.
Flows across product providers remained mixed, with some continuing to post outflows for the week while others in both North America and Europe posted inflows. We believe this indicates the beginning of a turn in sentiment for digital assets.
Solana, a competitor to Ethereum offering a flexible infrastructure and faster transaction settlement, saw the largest inflows of any digital asset last week totalling US$7.1m.
Ethereum saw minor inflows totalling US$3.2m last week along with other altcoins such as Cardano, Litecoin and Polkadot which saw inflows of US$6.4m, US$1.8m and US$1.1m respectively.
Bitcoin saw its 7th straight week of outflows totalling US$2.8m, matching the run seen in January 2018. While this may suggest sentiment remains negative, it masks very mixed flows across providers.
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Contact James Butterfill at [email protected]
