Solana and Bitcoin now lead a whopping $901m in inflows, ranking as the top gainers in the cryptocurrency market.
Last week, digital investment products attracted an impressive $901 million in inflows, with Bitcoin (BTC) and Solana (SOL) emerging as the top performers.
A recent report from CoinShares highlights a growing enthusiasm for digital assets, evident in the substantial inflows into crypto investment products.
This past week’s inflow pushed the year-to-date (YTD) total to an astonishing $27 billion, nearly triple the total recorded for all of 2021.
Additionally, the month-to-date (MTD) investment for October stands at $3.32 billion, making it the fourth highest month for inflows.
Bitcoin investment products experienced the largest inflow last week, totaling $920 million.
This brings Bitcoin’s YTD inflows to $25.46 billion, with an impressive $78.99 billion in assets under management (AUM) across its investment vehicles.
Solana products followed with inflows of $10.8 million, resulting in MTD and YTD flows of $17.9 million and $69.2 million, respectively.
Currently, the AUM for Solana investment products is $1.47 billion.
Other crypto-related investment products that saw inflows include Multi-asset, Litecoin, XRP, and other categories, with inflows of $2.2 million, $2.1 million, $1.8 million, and $0.2 million, respectively.
In contrast, Ethereum investment products faced significant outflows amounting to $34.7 million.
This resulted in an MTD outflow of $12.2 million, although Ethereum’s overall YTD record remains strong at $748.4 million.
Short Bitcoin and Cardano also experienced slight outflows, totaling $1.3 million and $0.1 million, respectively.
Regionally, the United States led the way with $906 million in inflows, followed by Germany with $14.7 million and Switzerland with $9.2 million.
Conversely, Canada, Brazil, and Hong Kong saw modest outflows of $10.1 million, $3.6 million, and $2.7 million, respectively.
CoinShares attributes the surge in crypto asset investments to political developments in the U.S. Recent polls indicate that Donald Trump has a favorable chance of defeating Vice President Kamala Harris in the upcoming presidential election on November 5.
Data from decentralized prediction platform Polymarket shows Trump with a 66.1% probability of winning.
In contrast, Harris, who is part of an administration known for its strict policies on crypto, has a 33.9% chance.
With the election approaching and Trump leading in most polls, a further increase in investments into crypto products is anticipated.
But I’m curious to know what you think — leave your thoughts below.
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Also Read: Strategist Believes Solana Will Do Better Than Bitcoin This Cycle
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