{"id":636779,"date":"2024-08-21T06:00:02","date_gmt":"2024-08-21T06:00:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=636779"},"modified":"2024-08-21T00:57:06","modified_gmt":"2024-08-21T00:57:06","slug":"bitcoin-maintains-market-dominance","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-maintains-market-dominance\/","title":{"rendered":"Bitcoin Maintains Market Dominance With $42 Million In Inflows"},"content":{"rendered":"<p><span style=\"font-weight: 400\">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&#8217;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.<\/span><\/p>\n<h2><b>Bitcoin Maintains Market Dominance<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Last week\u2019s inflow and outflow data on digital asset investment funds, as unveiled in CoinShares&#8217; <\/span><a href=\"https:\/\/blog.coinshares.com\/volume-196-digital-asset-fund-flows-weekly-report-780616a8e754\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">latest weekly report,<\/span><\/a><span style=\"font-weight: 400\"> reveals a cautious approach by investors amid uncertain economic signals. According to the report, digital asset investment products experienced minor inflows totaling $30 million.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-market-is-facing-a-net-sell-side-bias\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Market Facing A Persistent Net Sell-Side Bias, Glassnode Reveals<\/a><\/div>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As stated earlier, the majority of the inflows <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-price-could-surge-\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">went into Bitcoin<\/span><\/a><span style=\"font-weight: 400\">-based products. They witnessed $42 million in inflows, which is a 223% increase from the $13 million<\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-solana-institutional\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\"> registered the previous week<\/span><\/a><span style=\"font-weight: 400\">. 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ethereum, however, experienced a <\/span><a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-transaction-costs-hit-historic-lows\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">dramatic drop in inflows<\/span><\/a><span style=\"font-weight: 400\">. 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 between providers. Lastly, XRP also recorded a minor net inflow of $0.2 million, reflecting a cautious yet positive stance toward the asset after the recent outcome of the SEC-Ripple lawsuit.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Looking at outflows, Solana led the pack with $38.9 million, which is its largest weekly outflow on record. This candidly reflected the current sentiment around the Solana ecosystem, especially meme coins. While Solana bulls managed to hold up the crypto&#8217;s price around $140 last week, the same cannot be said for Solana-based meme coins.<\/span><\/p>\n<h2><strong>Greater Moderation On The Part Of BTC Investors<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">These meme coins, which pushed institutional investment in Solana <\/span><a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-institutional-investors\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">earlier in the year<\/span><\/a><span style=\"font-weight: 400\">, are now responsible for outflows. Short-Bitcoin ETFs experienced $0.9 million in outflows. Although this suggests a lingering bullish sentiment toward Bitcoin, it is a fall from the $16.2 million outflow registered in the previous week. This indicates a more measured approach by Bitcoin investors.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/wall-street-titans-boost-crypto-stakes-us-bitcoin-etfs-garner-2-4b-in-q2-inflows\/\" target=\"_blank\" rel=\"noopener \">Wall Street Titans Boost Crypto Stakes: US Bitcoin ETFs Garner $2.4B In Q2 Inflows<\/a><\/div>\n<p><span style=\"font-weight: 400\">In terms of geographical location, flows were very mixed. The United States led the way with $62 million in inflows. Canada and Brazil also saw positive activity, with inflows of $9.2 million and $7.2 million, respectively. Switzerland and Hong Kong saw the most significant outflows, with $30 million and $14 million, respectively.<\/span><\/p>\n<figure style=\"width: 2283px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/oH7j0j32\/\" alt=\"Bitcoin\" width=\"2283\" height=\"1265\"><figcaption class=\"wp-caption-text\">BTC trading at $59,917 on the 1D chart | Source: BTCUSDT on <a href=\"https:\/\/www.tradingview.com\/x\/oH7j0j32\/\" target=\"_blank\" rel=\"noopener nofollow\">Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Adobe Stock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;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\u2019s inflow and outflow data on digital asset investment funds, as unveiled in CoinShares&#8217; 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: Bitcoin Market Facing A Persistent Net Sell-Side Bias, Glassnode Reveals 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.\u00a0 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 between providers. Lastly, XRP also recorded a minor net inflow of $0.2 million, reflecting a cautious yet positive stance toward the asset after the recent outcome of the SEC-Ripple lawsuit. Looking at outflows, Solana led the pack with $38.9 million, which is its largest weekly outflow on record. This candidly reflected the current sentiment around the Solana ecosystem, especially meme coins. While Solana bulls managed to hold up the crypto&#8217;s price around $140 last week, the same cannot be said for Solana-based meme coins. Greater Moderation On The Part Of BTC Investors These meme coins, which pushed institutional investment in Solana earlier in the year, are now responsible for outflows. Short-Bitcoin ETFs experienced $0.9 million in outflows. Although this suggests a lingering bullish sentiment toward Bitcoin, it is a fall from the $16.2 million outflow registered in the previous week. This indicates a more measured approach by Bitcoin investors. Related Reading: Wall Street Titans Boost Crypto Stakes: US Bitcoin ETFs Garner $2.4B In Q2 Inflows In terms of geographical location, flows were very mixed. The United States led the way with $62 million in inflows. Canada and Brazil also saw positive activity, with inflows of $9.2 million and $7.2 million, respectively. Switzerland and Hong Kong saw the most significant outflows, with $30 million and $14 million, respectively. Featured image from Adobe Stock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":636781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-636779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Maintains Market Dominance With $42 Million In Inflows<\/title>\n<meta name=\"description\" content=\"After being overshadowed by Ethereum in the previous week, Bitcoin has regained its leading position, drawing the majority of the inflows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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