Crypto funds achieved record inflows of $4.39 billion amidst rising institutional interest in Ethereum, Solana, and XRP.
Record Inflows in Crypto Funds
Crypto funds saw colossal inflows of $4.39 billion, reported CoinShares. This marked the 14th consecutive week of inflows, bringing total assets under management to a new all-time high of $220 billion. Ethereum (ETH) had $2.12 billion in inflows, nearly doubling the previous record of $1.2 billion. Over the last 13 weeks, inflows now represent 23% of Ethereum's assets under management. Demand for Solana (SOL) continued but slipped to $39 million from $92.6 million the previous week. XRP also saw renewed demand with a $36 million inflow amid the launch of the ProShares Ultra XRP ETF.
Decline in Bitcoin Inflows
Bitcoin inflows dropped to $2.2 billion from $2.7 billion last week, confirming capital outflow despite corporate adoption and retail return. Institutional investors remained bullish in the U.S., with inflows of $4.36 billion. However, while Bitcoin ETFs provided strong support, Ethereum led the bullish sentiment among investors.
Price Dynamics of Ethereum, Solana, and XRP
Ethereum's price extended its rally to reach $3,835. Trading volume in both spot and derivatives markets rose amidst high demand. Solana surged over 6% to reclaim above $190. XRP increased by 2%, trading at $3.56, with analysts anticipating a rise to $5 by September.
Recent data on inflows into crypto funds highlight increasing institutional interest, particularly in Ethereum, Solana, and XRP, signaling a potential market sentiment shift.
