Digital asset investment products attracted $2.2 billion last week, up significantly from $48 million the previous week, and are gaining momentum as traders are drawn in. Bitcoin The night before President Donald Trump's inauguration.
Republicans take control of the White House on Monday and are expected to issue a flurry of executive orders related to cryptocurrencies. decryption reported last week. Those efforts can range from SEC and CFTC mandates to attempts to establish so-called regulations. bitcoin reserves.
The closure of U.S. stock markets to commemorate Martin Luther King Jr. Day heated up trader allocations during the final session before the inauguration on Friday, said James Butters, head of research at investment firm CoinShares. Phil said. Decrypt.
“The week started with small outflows, but as weaker-than-expected macro data continued and excitement around President Trump grew, we saw significant inflows,” Butterfill said Friday. One person added that there was a net inflow of $1 billion into digital asset investment products.
product tracked CoinShares, which includes spot Bitcoin and Ethereum ETFs received $44 billion worth of inflows last year. Despite the record-breaking pace, appeared We plan to continue this from the beginning of this month. macroeconomic headwinds That partially clouded the outlook.
Bitcoin's price briefly fell below $90,000 early last week, but the final inflow tally was the highest ever. Weekly net inflows exceeded $2 billion only eight times last year, five of which occurred in December.
Trump himself It moved The official meme coin was launched a few days ago and entered the cryptocurrency market before the oath of office was recited. Since it was issued on Solana, the price of the network's SOL coin will then be Best ever Over the weekend. Still, it was one of the least popular in terms of traffic last week.
Solana investment products, which only trade outside the United States, had seen inflows worth $2.5 million through Friday, far behind the $246 million that flowed into Ethereum investment products. flow into XRP and wire mesh The products also beat out Solana at $30 million and $2.8 million, respectively.
“We expect to see greater inflows into Solana-focused products this week than last week,” said Brian Ruddick, head of research at crypto trading firm GSR. decryption. “The president's support and choice to launch these at Solana is getting a lot of attention.”
It's worth noting that Solana doesn't yet have a spot ETF in the US. This would expand investor access to the coin and allow it to attract funding from anywhere. $4 billion to $6 billion if Existing application According to JPMorgan's research team, it has been approved.
While inflows into Ethereum products were stronger than Solana alternatives last week, the second-largest coin by market capitalization has still seen an outflow of $28 million since the beginning of the year. Meanwhile, Solana's investment products saw inflows of $27 million.
Edited by Andrew Hayward
daily report meeting Newsletter
Start each day with the current top news stories, plus original features, podcasts, videos, and more.