Last week’s cryptocurrency investment landscape was marked by a significant uptick in capital inflows, with Bitcoin and Solana at the forefront of this financial wave.

A Surge in Crypto Assets

The cryptocurrency market has witnessed a substantial influx of investments, with the previous week recording the second-highest inflows for the year 2024, totaling an impressive $708 million. Remarkably, Bitcoin was the primary beneficiary of these inflows, capturing nearly 99% of the total.

The American Market’s Bullish Trend

In the United States, the inflow of capital into crypto-related products reached $721 million. Newly launched Exchange-Traded Funds (ETFs) were a significant draw, amassing $1.7 billion. Research from CoinShares highlighted that spot Bitcoin ETFs have been a consistent magnet for capital, averaging about $1.9 billion per month, leading to an aggregated $7.7 billion since their inception.

Bitcoin ETFs: A Consistent Performer

Despite an overall withdrawal of $6 billion from established funds such as Grayscale and ProShares, Bitcoin ETFs have shown resilience, maintaining an average inflow of $1.9 billion over the past four weeks. Cumulatively, since their launch in the second week of January, they’ve achieved a total inflow of $7.7 billion. It’s also worth noting that the outflow from these established funds has recently shown signs of deceleration.

Bitcoin Dominates Inflows

Dominating the investment flow, Bitcoin attracted $703 million, accounting for 99% of the week’s total inflows. Conversely, products positioned against Bitcoin saw a minor pullback, with a withdrawal of $5.3 million, which coincides with a positive trend in Bitcoin’s price movements.

Solana’s Noteworthy Performance

In the midst of Bitcoin’s significant inflows, Solana emerged as a notable contender, securing $13 million in inflows and outperforming other cryptocurrencies such as Ethereum and Avalanche. During the same period, Ethereum and Avalanche experienced outflows of $6.4 million and $1.3 million, respectively.