Why in crypto market demand for Solana is soaring

in LeoFinance2 days ago

US crypto ETFs faced headwinds this week as big traders turned more careful. Bitcoin and Ether funds lost a lot of cash, but Solana options kept pulling in steady buys. This mix showed split feelings about top cryptos amid fresh ups and downs in prices.

One view captures beams of light energy streaming from Bitcoin and Ethereum icons to a glowing Solana sign, observed by figures in outfits, inside a dim, high-tech trading space.

To sum up: Bitcoin ETFs lost over $2 billion in a week, hitting their second-rough streak as big money holders pulled back. Ether ETFs dropped nearly $1.2 billion in six days, led by BlackRock's ETHA amid rising price swings.

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Even with the overall dip, firms like Fidelity and Ark still drew in fresh funds, hinting at spotty market moods. Solana ETFs went against the flow with a seventh straight day of gains, pointing to rising wants for other Layer-1 plays.

Bitcoin ETFs hit their second-worst outflow run, with $2 billion pulled out. US Bitcoin ETFs have now shed more than $2 billion since October 29, their second-biggest drain streak ever. Another $137 million exited on Wednesday, stretching the sells to six days in a row.

Per SoSoValue, BlackRock's IBIT took the hardest hit, down $375.49 million after a tiny 0.20% slide that day. Still, some providers snagged new money even under market strain.

Main drivers behind Bitcoin ETF shifts include: Outflows topped $2.04 billion last week. Tuesday saw the biggest drain, at $566 million. Fidelity's FBTC and Ark's ARKB kept gaining steady inputs. All Bitcoin ETFs hold $139.15 billion in net assets total. Bitcoin ETF Flow Highlights Fidelity's FBTC pulled in $113.30 million fresh, despite a small 0.13% fall. Ark & 21Shares' ARKB gained $82.94 million, Bitwise's BITB took $16.97 million. VanEck's HODL added $3.68 million, and Grayscale's BTC fund rose $21.61 million, though GBTC itself stayed flat.

ETF actions now make up 6.72% of Bitcoin's total market value, with overall net adds at $60.28 billion. Just the late-February sell-off, with over $3.2 billion out weekly, caused bigger drops.

Sells ramp up in Ether ETFs, but Solana draws ongoing buys Like Bitcoin, Ether ETFs faced stronger sells, with $118.5 million out on Wednesday. BlackRock's ETHA topped the list at $146.61 million gone. Note this marks six days straight of losses, totaling near $1.2 billion from Ether funds.

Some providers balanced out, as Fidelity's FETH netted $3.45 million in buys against the tide. Grayscale's ETH fund got $24.06 million while trading at a slight plus.

21Shares' TETH added $518,680. All other Ether ETFs, like ETHE and ETHW, saw zero change that day. Despite the sell wave, total inflows for Ether ETFs top $13.9 billion still.

Ether ETF Flow Highlights Wider market moves sent clear signs: Bitcoin and Ether ETF sells now span six days. BlackRock's IBIT and ETHA drive most of the cash pulls. Smaller providers keep drawing funds amid the dips. Price gaps shifted as traders eyed cash flows. Wants for other cryptos grew, with Solana in front.

Solana ETFs again swam upstream from BTC and ETH patterns. SOL-tied funds added $9.7 million Wednesday, their seventh day running of inflows. Total gains since start hit $294 million, backed by fresh looks at other Layer-1 coins in shaky times.

All ETF trade volume touched $4.07 billion, showing big players stay active even with more pulls. Outflows aside, long-haul adds hold firm in key crypto ETF groups, and buyer involvement keeps climbing year by year.

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