Last week, Crypto Investment Products changed the narrative around recent trends, as Bitcoin, Ether, and Solana Exchange-Traded Products (ETPs) saw a significant surge in investments.
Global Crypto ETPs welcomed $3.3 billion, pushing the total assets under management (AUM) to $239 million, nearly reaching the peak levels of August. A month ago, these ETPs hit an all-time high of $244 billion.
This uptick coincided with modest gains in the underlying cryptocurrencies. Bitcoin (BTC) increased from $111,900 on September 8 to $115,600 by Friday, reflecting a 3.3% rise. Ether (ETH) jumped from $4,300 to $4,500 over the week, marking a 4.6% increase.
Solana (SOL) outperformed the others, climbing from $214 to $239 throughout the week, a hefty gain of 11.6%.
Bitcoin experienced its largest weekly influx since July
According to Coinshares’ research director, James Butterfill, there was a notable resurgence in sentiment regarding Bitcoin last week.
The Bitcoin Fund saw a remarkable inflow of $2.4 billion, the strongest weekly performance since July. On the flip side, short Bitcoin products recorded some outflows.
Ether-related products also broke their streak of losses. Butterfill noted that Ether ETPs experienced an emotional turnaround, with inflows totaling $646 million over four consecutive days last week.
Solana ETPs achieved the largest daily inflow at $145 million
Solana products marked their biggest daily inflow at $145 million on Friday, leading to a weekly total of $189 million in assets.
This heightened interest in Solana ETPs followed the Forward Industry’s announcement of a $1.65 billion Treasury. Last Monday, the NASDAQ-listed firm allocated $1.6 billion in cash for what became the largest stablecoin Crypto Treasury. This move was spearheaded by crypto firms like Galaxy Digital, Jump Crypto, and Multicoin Capital.
In response to this announcement, Galaxy began buying Solana Tokens, amassing a total of $1.5 billion since Wednesday, which included a single-day purchase nearing $305 million last week.
