News, Price Analysis

Crypto Market Report Q2 2024: Solana and Litecoin Attract $3M Combined Inflows Last Week

As the second quarter of 2024 just concluded, a weekly report from CoinShares shows that digital asset investment products registered three consecutive weeks of cash inflows. Last week, the total cash flow of digital asset investment products amounted to a negative $30 million.

Ethereum’s investment products recorded a cash outflow of about $60.7 million in the last week of June, thus a total of $14.35 billion in assets under management (AUM). 

Notably, Bitcoin’s investment products registered a cash inflow of about $10 million last week, for a total of $67.57 billion in AUM. Meanwhile, Solana (SOL) and Litecoin (LTC) reported a total cash inflow of about $1.6 million and $1.4 million, respectively.

The United States led in cash inflow with about $43 million, followed by Brazil and Australia with about $7.6 million and $3 million, respectively.

Market Impact on Ethereum

The notable cash outflow on Ethereum year-to-date has heavily weighed down on the underlying bullish outlook. The large-cap altcoin, with a fully diluted valuation of about $416 billion and a total value of over $60 billion, has consolidated in the past three months.

However, the upcoming listing of spot Ethereum ETFs in the United States will largely trigger bullish sentiment. With billions of dollars expected to flow into the Ethereum ecosystem in the subsequent months, the altcoin will be well-positioned to enter its parabolic phase.

Bigger Picture

The gradual adoption of Web3 protocols and digital assets worldwide has helped increase crypto liquidity overall. With Bitcoin miners’ capitulation level around the FTX-collapse levels, it is safe to assume a crypto rebound is on the horizon.

Moreover, July has been a bullish month for the entire crypto industry for the past five years.

SOURCE

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