May 29, 2024

Analysts have observed an outflow from Ethereum funds for the fifth consecutive week.

Cryptocurrency market news, investments in cryptocurrencies
Cryptocurrency market news, investments in cryptocurrencies

The outflow from cryptocurrency investment products from March 6 to April 12 totaled $126 million, including Ethereum funds ($28.7 million). These figures were provided by analysts at CoinShares.

In the previous two weeks, there was a cumulative inflow of $646 million and $862 million. Experts attributed the reversal of the trend to “market participants’ uncertainty” against the backdrop of a rally pause.

Data: CoinShares.

In Ethereum funds, the outflow increased from $22.5 million to $28.7 million. The negative trend continued for the fifth week in a row.

Clients withdrew $110 million from Bitcoin-related instruments, compared to an inflow of $663 million in the previous reporting period.

Investors put $1.7 million into structures that allow shorting the first cryptocurrency. Previously, there was an outflow of $9.5 million.

There was interest in “esoteric names” like MANA, BAT, and LIDO in altcoins. Funds based on them attracted $4.9 million, $2.9 million, and $1.8 million, respectively.

Products based on Solana lost $3.6 million after an inflow of $4 million weeks earlier.

Data: CoinShares.

Earlier, Solana developers updated the software in efforts to combat blockchain congestion leading to transaction delays.

Since the beginning of the year, 49.3% of global investor interest in blockchain ecosystems has been on this blockchain, according to CoinGecko.

According to Bernstein’s forecast, the network is “leading the charge” for on-chain payments adoption. Colosseum co-founder and former head of growth at Solana Foundation, Matt Taylor, believes the blockchain will outpace Ethereum in the number of consumer Web3 applications.

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