Solana

Bitcoin

Million

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to CoinShares' most recent report, <a href="https://u.today/xrp-solana-sol-holders-should-pay-attention-to-this-information-details" rel="noopener noreferrer nofollow">Solana (SOL) and XRP</a> have attracted a combined inflow of $4.5 million amid growing interest in altcoins over Bitcoin.&nbsp;
<a href="https://u.today/key-reason-why-bitcoin-btc-fell-to-one-week-low-details" rel="noopener noreferrer nofollow">Bitcoin</a> experienced outflows in the past week, according to the CoinShares <a href="https://twitter.com/CoinSharesCo/status/1784885151429718253" rel="noopener noreferrer nofollow">report</a>, with investors seemingly reallocating their assets. Solana and XRP have emerged as the beneficiaries of this shift, pulling in $4.1 million and $0.4 million, respectively.&nbsp;
<blockquote>
 US$435 outflows continue as incumbent ETF issuers continue to see withdrawals.The outflows were focussed solely on Bitcoin and Ethereum which saw US$423m and US$38m respectively, while a broad range of altcoins saw inflows.Read the full report: <a href="https://t.co/mOrbDKQYwP" rel="noopener noreferrer nofollow">https://t.co/mOrbDKQYwP</a> <a href="https://t.co/knWTt6UkGB" rel="noopener noreferrer nofollow">pic.twitter.com/knWTt6UkGB</a>— CoinShares (@CoinSharesCo) <a href="https://twitter.com/CoinSharesCo/status/1784885151429718253?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 29, 2024</a>
</blockquote>
Digital asset investment products recorded outflows for the third week in a row, totaling $435 million. The outflows were mainly focused on Bitcoin and Ethereum, recording $423 million and $38 million, respectively.&nbsp;
On a closer look, the majority of Bitcoin outflows came from the Grayscale ETF, which experienced $440 million in outflows, which is surprisingly at its lowest in nine weeks.
While Grayscale's outflows continue to slow, inflows from new ETFs have decreased, with only $126 million inflows last week, down from $254 million the previous week.
Amid a cool-off in Bitcoin inflows, a broad range of altcoins have witnessed inflows, with investors favoring multi-coin investment products.
This redistribution of funds could have far-reaching implications for the crypto market. It could signal that investors are looking beyond Bitcoin to build a more diversified crypto portfolio. If the trend continues, it might lead to altcoins eating away at Bitcoin's dominance.
The current market sentiment remains a mix of caution and anticipation as traders and investors prepare for a major Federal Reserve meeting later this week. Anticipation is growing regarding the meeting's likely indication of higher-for-longer interest rates, causing market participants to brace themselves for potential consequences for digital assets.
At the time of writing, Solana was down 4.80% in the last 24 hours to $135.22; XRP was likewise down 2.20% in the same time frame to $0.5081. Bitcoin was down 1.65% to $62,356 after hitting a week low of $61,928 in today's trading session.

Solana, XRP Attract $4.5 Million Inflow Spike Amid BTC Exodus

U_Today

Other articles published on Apr 29, 2024

Top Low-risk altcoins that have 3x potential than Dogecoin (DOGE)

Hot New GambleFi Token Mega Dice Raises $600k In Second Week Of Presale

Shiba Inu Coin Faces Crucial Market Test

Ethereum’s Price Dynamics and Market Movements

Binance sued in Canada, CZ could serve 36 months in prison: Law Decoded

Palworld Developers Secretly Give a Glimpse at ‘Adorable’ New Pal Variant Coming to the Game

Join our free newsletter for daily crypto updates!