Solana Bucks the Trend, Along With Tron, by Recording Highest Inflows After Bitcoin: Report

Bitcoin recorded inflows for the 13th straight week while Ether broke its six-week streak with non-meaningful outflows.

Cryptocurrency funds and products posted net inflows of $88 million last week, during which crypto prices continued to show weakness ahead of this week’s central bank meeting, where they are expected to announce an accelerated tapering of bond purchases and open the door to a rate hike.

With two more weeks to go in 2021, inflows so far this year added up to a record $9.5 billion, compared to $6.7 billion in 2020.

While the world’s largest digital asset manager, Grayscale, has seen zero inflows for months now, CoinShares XBT, 3iQ, 21 Shares, and ETC Group recorded outflows. Purpose Investments launched the first Bitcoin ETF in North America in February this year, and then Ether ETF recorded the highest inflow of $176.6 million.

Meanwhile, trading volumes across investment products dropped 13% to $3 billion for the week.

According to the data from digital asset manager CoinShares, for the week ending Dec. 10, Bitcoin (BTC) managed to attract inflows of $51 million. This was the 13th straight week of inflows for the leading cryptocurrency putting its YTD net total to $6.5 billion. BTC -1.35% Bitcoin / USD BTCUSD $ 47,143.48
-$636.44-1.35% Volume 35.34 b Change -$636.44 Open $47,143.48 Circulating 18.9 m Market Cap 891.05 b 58 min Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 1 h Bitcoin’s Correlation With S&P 500 And Nasdaq Is On The Rise As Markets Await Fed’s FOMC Meeting 23 h 18.9 Million BTC, 90% of All 21 Million Bitcoin, Has Now Been Mined

“Trends remain bearish near-term, and momentum has not shown proper evidence of stabilizing in a way that should allow a bounce to unfold just yet,” said Fundstrat in a research note.

Ethereum (ETH) meanwhile saw just $17 million in outflows last week, the first time since six weeks of inflows. With the outflows reflecting only 0.009% of assets under management, it is “likely not meaningful.” ETH -2.44% Ethereum / USD ETHUSD $ 3,797.76
-$92.67-2.44% Volume 26.3 b Change -$92.67 Open $3,797.76 Circulating 118.74 m Market Cap 450.93 b 58 min Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 1 h Bitcoin’s Correlation With S&P 500 And Nasdaq Is On The Rise As Markets Await Fed’s FOMC Meeting 1 d Keanu Reeves “HODL”, Swiss Federal Councilor’s Data Leaked in Ledger Hack, Crypto Protocols Continue Be Exploited

Ethereum competitor Solana (SOL) continues to buck the trend seeing nearly $19 million in inflows last week, the second-highest after Bitcoin. SOL 0.22% Solana / USD SOLUSD $ 160.27
$0.350.22% Volume 2.87 b Change $0.35 Open $160.27 Circulating 307.78 m Market Cap 49.33 b 58 min Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 5 d ETHBTC Hits New 2021 High, Dogecoin and Ethereum Price Leading Google Trends in 2021 5 d OpenSea Is “Not Planning” an IPO, says CFO After Community Push Back

This also brings its monthly inflows at $17.2 million, second to only Bitcoin’s $88.2 million, while Ether’s has been net outflows in December so far at $3.6 million.

Much like Solana, Tron (TRX) and multi-asset investment products recorded $17 mln and $15 mln in inflows, respectively. TRX -0.40% TRON / USD TRXUSD $ 0.09
$0.00-0.40% Volume 1.53 b Change $0.00 Open $0.09 Circulating 101.88 b Market Cap 8.84 b 58 min Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 6 d Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December 1 w Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows

The recent inflow into Tron has been in line with its price appreciation on the back of being dubbed “world computer” coin that has pushed its total AUM at $92 mln above that of Cardano’s (ADA) $68 mln. ADA -1.24% Cardano / USD ADAUSD $ 1.24
-$0.02-1.24% Volume 1.72 b Change -$0.02 Open $1.24 Circulating 33.43 b Market Cap 41.52 b 58 min Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 1 w Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows 1 w 55% of Bitcoin Investors Bought over the Last 12 Months, US Consumers More Aware of DOGE than Ether