Solana and Polkadot: Grayscale’s Outflows Ease as Interest Surges in Altcoins like

Crypto News– Solana and Polkadot: According to the latest CoinShares weekly report, inflows into the Newborn Nine ETFs experienced a significant decline of over 50% in the past week, plummeting from $254 million to $126 million.

Solana and Polkadot: Grayscale’s Outflows Ease as Interest Surges in Altcoins like

This sharp reduction in inflows contributed to the third consecutive week of outflows totaling $435 million across major cryptocurrency-related investment products. Notably, this outflow figure marks the largest observed since March. The decrease in investor interest in these ETFs reflects a broader trend of reduced confidence or shifting preferences within the cryptocurrency investment landscape. These developments underscore the ongoing volatility and uncertainty inherent in the crypto markets, influencing investor behavior and fund flows in the short term.

Grayscale Leads Despite Slowdown in Outflows

A detailed breakdown of the flows reveals that Grayscale’s GBTC continues to lead in outflows, with a substantial $440 million exiting the product in the past week. Despite this significant figure, it’s worth noting that this marks GBTC’s lowest weekly outflow in nine weeks, indicating a deceleration in the pace of outflows. However, it’s essential to keep in mind that the total outflows from GBTC on a year-to-date basis have now surpassed $17 billion. This data sheds light on the evolving dynamics within the cryptocurrency investment landscape, highlighting both short-term fluctuations and broader trends shaping investor sentiment and fund flows.

During the previous week, prominent ETF issuers such as BlackRock and Fidelity reported multiple days of zero flows. This trend was interpreted by market observers as a potential signal of diminishing investor interest in the asset class.

Growing Fascination with Altcoins

Investment products linked to digital assets such as Solana, XRP, Cardano, Polkadot, and Chainlink experienced inflows during the past week. According to the CoinShares report, the total inflows into these assets amounted to over $25 million. This surge in investment interest highlights a growing appetite for alternative cryptocurrencies beyond the more established ones like Bitcoin and Ethereum.

On the flip side, Ethereum continued its trend of outflows, with an additional $38.4 million exiting the asset, bringing the monthly total to $123.8 million. The year-to-date flow remains negative at $50 million.

Interestingly, the prevailing bearish sentiments in the market have enticed bearish investors, who contributed $1.3 million to short Bitcoin investment products.