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Key Notes
- CoinShares just unveiled that altcoins are now leading amid $2.5 billion in inflows into the crypto market.
- Ethereum dominated Bitcoin in weekly flows, with this metric pegging the inflows at $1.4 billion.
- Solana and XRP received inflows of $177 million and $134 million, supported by optimism around US crypto ETFs.
- CoinShares just unveiled that altcoins are now leading amid $2.5 billion in inflows into the crypto market.
- Ethereum dominated Bitcoin in weekly flows, with this metric pegging the inflows at $1.4 billion.
- Solana and XRP received inflows of $177 million and $134 million, supported by optimism around US crypto ETFs.
CoinShares recently shared its digital asset fund flows weekly report, and it showed that crypto investment products raked in $2.5 billion last week.
This lifted August inflows to a total of $4.37 billion and a year-to-date (YTD) of $35.5 billion. It is also worth noting that Ethereum
ETH
$4 379
24h volatility:
2.1%
Market cap:
$529.47 B
Vol. 24h:
$27.37 B
has successfully outperformed Bitcoin
BTC
$108 781
24h volatility:
0.2%
Market cap:
$2.17 T
Vol. 24h:
$38.82 B
in inflows.
Ethereum Dominates Inflows, Leaving Bitcoin Behind
The CoinShares’ report shows that digital asset investment products registered a rebound from the previous week’s outflows.
It pulled in approximately $2.48 billion in inflows, bringing the total capital bagged in August to $4.37 billion. Also, the YTD inflows have now reached $35.5 billion.
In the first week of August, this class of assets broke a streak of 14 weeks of inflows with an outflow of $223 million. Bitcoin alone accounted for $404 million of these outflows, which had a significant impact on the market.
This time, the reported inflows started the week strongly but later declined on Friday, coinciding with the release of Core PCE data, which failed to support expectations of a Federal Reserve rate cut in September.Digital asset investors were disappointed by this realization, hence the slight decline in market outlook.
Recent negative price momentum caused total Assets Under Management (AUM) to drop 10% from its recent peak, ending at $219 billion. As has been the recent trend, Ethereum led inflows with $1.4 billion, while Bitcoin recorded only $748 million.
For the entire month of August, Ethereum inflows totaled $3.95 billion, while Bitcoin saw outflows of $301 million.
Bitcoin is currently experiencing some losses, trading at $108,421.26, down 1.07% over the past 24 hours, while Ethereum is at $4,407.32, down 1.13% in the same period.
Solana
SOL
$199.5
24h volatility:
2.3%
Market cap:
$107.99 B
Vol. 24h:
$6.84 B
and XRP
XRP
$2.76
24h volatility:
1.9%
Market cap:
$164.45 B
Vol. 24h:
$6.88 B
recorded inflows of $177 million and $134 million, respectively, benefiting from optimism around potential US crypto-based ETF launches.
WEPE Crypto Debuts on Solana Blockchain
Wall Street Pepe (WEPE), the Pepe-themed crypto sensation, is hopping from Ethereum to Solana, ready to make waves in a whole new arena.
Already huge on Ethereum, WEPE has built a loyal army of traders who dive into high-frequency meme coin chaos and unpredictable whale moves.
Now live on Solana, it’s stepping into the heart of meme coin action, where fortunes can flip in minutes and every trade feels like a thrill ride.
Market fans are buzzing that this sharpest frog in a pinstripe suit is entering a new ecosystem where memes hit harder than any market maker and opportunities to profit are endless.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!
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