Cryptocurrency

Solana

Bitcoin ETF

Bitcoin

James

The past week has brought forth a fascinating shift in the digital asset landscape as crypto trends keep evolving. Crypto investors have invested a staggering amount of $179 million over the past four weeks.
Latest report by CoinShares sheds light on the changing tides within the altcoin realm. While Bitcoin continues to be the most popular, a new star has emerged: Solana.
As per data, Solana is now leading the charge in the altcoin arena. This revelation will surely raise eyebrows in the crypto space.
Thereport underscored that $55.3 million was alone allocated to Bitcoin. It constituted about 84% of the total new in-flows. These inflows have pushed the yearly number to $315 million. This is a testament to Bitcoin’s dominance in the crypto market. 
Last week’s inflows included $55.3 million allocated to Bitcoin, constituting about 84% of the total new investmentCoinShares Report Source: CoinShares Report 
However, the twist in this narrative lies in Solana’s rise. The report revealed that Solana in-flows were only next to Bitcoin, at an impressive $15.5 million last week. This has propelled its yearly total to $74 million. To many’s surprise, this modest altcoin has now solidly established itself as the darling of investors in 2023. Ethereum losing its grip? 
On the other hand, Ethereum, the undebatable titan of the altcoin world, faces an uncertain path. The total assets under management stand at $6.7 billion after it witnessed a net outflow of $7.4 million last week.
Continued concerns over Ethereum have led to further outflows of $7.4 million, the only altcoin to see outflows last week.CoinShares Report. 
Cryptocurrency fortunes often move because of external factors, such as the highly anticipated U.S. spot <a href="https://news.todayq.com/blackrocks-ibtc-etf-sparks-bitcoin-frenzy-amidst-dtcc-website-drama/" rel="noopener noreferrer nofollow">Bitcoin ETF </a>launch. However, the report points out that the initial inflows in June after BlackRock’s announcement were much higher than what we are seeing now.
While the most recent inflows are likely linked to excitement over a spot Bitcoin ETF launch in the U.S., they are relatively low in comparison to the initial inflows following BlackRock’s announcement in June. CoinShares Head of Research, James Butterfill In-flows because of upcoming Spot-Bitcoin ETF? 
Indeed, the market’s optimism regarding spot Bitcoin ETFs has injected enthusiasm into the world of digital assets. News of potential <a href="https://news.todayq.com/blackrock-inches-closer-to-sec-approval-as-bitcoin-etf-gets-listed-on-nasdaq-trade-clearing-firm/" rel="noopener noreferrer nofollow">developments</a> in BlackRock’s iShares Bitcoin Trust and Grayscale’s <a href="https://news.todayq.com/us-appeals-court-asks-sec-to-scrap-its-rejection-of-grayscales-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">legal victories</a> have further uplifted market sentiment.
However, Ethereum’s outflows, suggest growing <a href="https://news.todayq.com/ethereums-sloppy-performance-can-turn-around-according-to-analysts/" rel="noopener noreferrer nofollow">investor caution</a>, possibly tied to scalability or fee concerns. these patterns of digital asset inflows offer a vital glimpse as the sector waits with bated breath for the spot Bitcoin ETFs to be <a href="https://news.todayq.com/blackrock-clarifies-bitcoin-etf-rumors-caution-urged-in-market-response/" rel="noopener noreferrer nofollow">approved</a>.
© Todayq News

Solana shines bright as Crypto sector celebrates four weeks of gains

Todayq News

Other articles published on Oct 26, 2023

Bitcoin’s Latest Surge: Hits $35,000 and ETF Optimism Reigns

World Blockchain Summit Dubai: Empowering Visions, Uniting Realties and Redefining the Decentrali...

Bitcoin Surging Dominance Pre-Halving: A Bullish Omen?

VET Price: Will VSC Joining Hands With VET Give A Price Boost?

Why was the jury dismissed during SBF’s first round of testimony?

FCA reports 221 breaches of its crypto marketing rules

Join our free newsletter for daily crypto updates!