U.Today - The performance of digital assets shocked market watchers as different products witnessed a significant second week of positive inflows. The crypto space recorded a massive $321 million to stay green at the close of trading.
ETF products propel Bitcoin’s success
Some have attributed this surge to the 50-basis-point interest rate cut by the U.S. Federal Open Market Committee (FOMC). In a chart showing flows of different assets, Bitcoin topped the list, with $284 million to justify its title as the world’s leading cryptocurrency. On the other hand, Ethereum recorded a fifth successive week of outflows to approximately $29 million.Other single-digit performers are Multi-Asset, whose weekly inflow stood at $54.2 million. This leaves a huge distance to short Bitcoin and Solana, with entries of $5.1 million and $3.2 million, respectively.
Notable spot Bitcoin ETF (TSX:EBIT) products that contributed heavily to the inflows include Fidelity and Ark 21Shares, which had $138 million and $102 million, respectively. Others include Bitwise ETF and BlackRock (NYSE:BLK) iShares, which had $67 million and $30 million, respectively. Grayscale Investments remained in the financial woods with a significant outflow of $65 million.
The United States remains in the leading position regarding exchanges, with the highest inflows in the past week. The U.S. recorded $277 million in inflows, compared to second-placed Switzerland's $63.4 million.
However, exchanges in Germany, Sweden, Canada and Hong Kong saw outflows of $9.5 million, $7.8 million, $2.3 million and $1.3 million, respectively.
Ethereum and XRP show mixed results
Ethereum, the only altcoin with a spot ETF product, registered its fifth successive outflow, largely due to persistent outflows from Grayscale Trust. Other products have not recorded significant inflows to cancel out the outflows.Meanwhile, Solana has maintained consistency in its inflows. Last week, its total performance stood at $3.2 million. Although two asset managers – VanEck and 21Shares – have filed for a Solana ETF with the regulatory authority, notable experts believe the next U.S. president will likely influence approval.
While Ethereum and Cardano registered outflows, XRP stayed green with an inflow of $0.1 million. However, at the time of writing, the XRP price had dipped by 1.16% to trade at $0.5867. Market volume was also down by 14.51% to $968,589,368 in the past 24 hours.