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Market sentiment has experienced a significant upturn, with a noticeable trend in digital asset investment products attracting inflows for four consecutive weeks, accumulating a total of $66 million. This recent four-week streak of inflows has now reached $179 million.<\/p>\n
Following a recent increase in prices, the total Assets under Management (AuM) have surged by 15% from their September lows, reaching nearly $33 billion, marking the highest point since mid-August, according to the latest CoinShares report.<\/p>\n
The European asset manager revealed<\/a> that Solana is the most popular altcoin this year so far, even in the face of challenges such as its affiliation with the FTX and Sam Bankman-Fried, which sent its price to a massive downward spiral as well as recurring outages that halted the layer 1 blockchain several times last year.<\/p>\n However, with the broader market showing signs of recovery, investors are now rekindling<\/a> their interest in the altcoin.<\/p>\n CoinShares\u2019 data suggest that Solana saw an additional $15.5 million inflows last week, pushing its year-to-date inflows to $74 million, representing 47% of total AuM.<\/p>\n This is in stark contrast to Ethereum, which recorded outflows of $7.4 million. In fact, it was the only altcoin to see outflows last week.<\/p>\n Although the most recent inflows are likely driven by the anticipation of a spot Bitcoin ETF launch in the US, they pale in comparison to the initial surge of capital that followed BlackRock\u2019s announcement in June, where four consecutive weeks of inflows reached a staggering $807 million.<\/p>\n CoinShares said this discrepancy suggests that the more modest inflows this time, despite the positive developments stemming from the Grayscale vs. SEC court ruling, reflect investors embracing a more cautious stance.<\/p>\n \u201cWhile the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time around.\u201d<\/p>\n<\/blockquote>\n A significant 84% of these inflows were directed towards Bitcoin investment products, propelling the year-to-date total to $315 million during the same period.<\/p>\n Over the week, the surging prices had led to an influx of $23 million into short Bitcoin positions, but these\u00a0positions were pared back substantially, with net inflows totaling just $1.7 million by the week\u2019s end, indicating a waning confidence among short sellers.<\/p>\nInvestors Remain Cautious Despite Inflows<\/h2>\n
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