Solana

Litecoin

Bitcoin

James

Coin

According to CoinShares, digital asset investment products have seen net inflows for the third consecutive week, totaling $1.2 billion globally. James Butterfill, Head of Research at CoinShares, attributes the positive flows to continued expectations of dovish monetary policy in the U.S. While institutional money exited Solana (SOL) and Binance Coin (<a href="https://thebitjournal.com/binance-founder-released-from-jail-bnb-surges-amid-changpeng-zhaos-first-post/" target="_blank" rel="noopener">BNB</a>), Bitcoin and five other altcoins experienced strong inflows. 
<h2 id="crypto-investment-products-see-third-week-of-net-inflows">Crypto Investment Products See Third Week of Net Inflows</h2> 
As reported by The Bit Journal, last week was marked by volatility in the crypto market. However, data from CoinShares shows that global crypto funds managed by firms like BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares saw net inflows for the third consecutive week, adding $1.2 billion. Butterfill noted that this represents the largest positive net inflows in 10 weeks. He explained, “The rise in assets under management, which increased by 6.2% last week, was driven by the ongoing expectations of dovish monetary policy in the U.S. and positive price momentum.” 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-47390" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/designed-for-an-article-about-institutional-money-moving-out-of-Solana-SOL-and-Binance-Coin-BNB-and-into-Bitc.webp" alt="Institutional Money Exits SOL and BNB, Flowing into Bitcoin and These 5 Altcoins = The Bit Journal" width="1792" height="1024" title="Institutional Money Exits SOL and BNB, Flowing into Bitcoin and These 5 Altcoins 25"> 
<h2 id="u-s-leads-in-net-inflows">U.S. Leads in Net Inflows</h2> 
The U.S. led the charge, accounting for $1.2 billion of the global inflows, with spot Bitcoin ETFs alone bringing in $1.1 billion. Meanwhile, Swiss-based crypto investment products saw $84 million in net inflows. However, funds in Germany and Brazil recorded net outflows of $21 million and $3 million, respectively. 
<h2 id="sol-and-bnb-outflows-bitcoin-and-altcoins-benefit">SOL and BNB Outflows, Bitcoin and Altcoins Benefit</h2> 
Bitcoin investment products were the primary beneficiaries, with global inflows of $1.1 billion. Short Bitcoin products also saw inflows of $8.8 million, even as Bitcoin gained 3.5% in value over the week. As of the time of writing, Bitcoin was trading at $63,590, down 2.99% over the past 24 hours. 
Ethereum-based investment products contributed to the positive flows, with global funds adding $87 million, breaking a five-week negative streak. The U.S. spot Ethereum ETF accounted for $85 million of the inflows, marking the largest weekly net inflows since August. 
In contrast, Solana (SOL) saw $4.8 million in outflows, ending its five-week positive inflow streak. Binance Coin (BNB) also experienced outflows. On the other hand, Litecoin (LTC), Ripple (XRP), Cardano (ADA), and Chainlink (LINK) recorded inflows, signaling renewed interest in these altcoins. 
<ul> 
 <li><a href="https://twitter.com/Thebitjournal_" target="_blank" rel="noopener nofollow">https://twitter.com/Thebitjournal_</a></li> 
 <li><a href="https://www.linkedin.com/company/the-bit-journal/" target="_blank" rel="noopener nofollow">https://www.linkedin.com/company/the-bit-journal/</a></li> 
 <li><a href="https://t.me/thebitjournal" target="_blank" rel="noopener nofollow">https://t.me/thebitjournal</a></li> 
</ul> 
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about&nbsp;breaking&nbsp;news!

Institutional Money Exits SOL and BNB, Flowing into Bitcoin and These 5 Altcoins

Table of Contents

The Bit Journal

Other articles published on Sep 30, 2024

Bitget Connects Telegram Mini Apps to Web3 with New Dev Kit

Bitcoin’s Discount in Korea: What It Means for Investors Today

What is a Block Reward: Miners’ Motivation in Blockchain

Taiwan FSC Allows Professional Investors to Access Bitcoin ETFs

Fed Chair Powell Influences Cryptocurrency Market

Whales Capitalize on Ethereum Price Dip, Profiting $1.56 Million

Join our free newsletter for daily crypto updates!