- U.S. leads with $721 million in digital asset outflows, amid anticipation of Federal Reserve’s monetary policies.
- Spot Bitcoin ETFs faced daily outflows; total withdrawals from Bitcoin investments reached $643 million.
The recent data on crypto investment products reveals divergent trends among different crypto assets. While the larger, established Bitcoin and Ethereum are seeing considerable outflows, Solana is demonstrating attracting investments, suggesting a variance in investor confidence across assets.
The past week marked a continuation of substantial withdrawals from cryptocurrency-based investment vehicles, totaling about $726 million, with the vast majority emanating from Bitcoin and Ethereum.
– Source: Bloomberg
This shift indicates a cooling interest in these cryptocurrencies amid ongoing market conditions and anticipations of monetary policy changes. On the flip side, Solana’s investment products registered an inflow of $6.2 million last week, accumulating year-to-date inflows to $47 million, thereby contrasting with the broader market sentiment.
This pattern suggests that while general market sentiment remains cautious, specific assets like Solana are perceived favorably, possibly due to their unique propositions or recent performance metrics.
Such a split underscores a selective optimism among investors who are reallocating within the crypto space based on performance expectations and broader economic indicators.
In terms of regional activity, the United States witnessed the most significant outflows, suggesting a localized reaction to broader economic signals, such as expectations surrounding the Federal Reserve’s actions.
In contrast, European markets like Germany and Switzerland saw net inflows, indicating varying investor behaviors across different geographies.
Solana’s Price Momentum Attracts Major Whale Investments
As Solana (SOL) begins its price recovery, whale activity is stirring within the market, reflecting increased confidence in the cryptocurrency’s value trajectory.
After a period of stagnation below the $130 mark, SOL has witnessed a notable uptick, now trading at $134.82—an increase of 5% today and nearly 4% over the past week.
This resurgence is bolstered by a sharp 23.59% rise in trading volume over the last 24 hours, signaling robust market engagement.
Amidst this positive momentum, a prominent Solana whale has made a substantial investment, purchasing 34,807 SOL tokens valued at approximately $4.52 million.
This acquisition contributed to a 4.26% increase in SOL’s price on Tuesday, underscoring the impact of large-scale transactions on market.
The purchase not only exemplified the confidence of large investors in Solana’s potential but also triggered a 41% surge in trading volume within a single day.
The whale’s activity extends beyond mere acquisition. Since February, they have transferred around 207,000 SOL (worth over $29 million) to self-custody solutions, highlighting a strategy focused on long-term holding and security.
The whale sold 20,000 $SOL($2.66M) again 12 hours ago.
Since Jan 1, this whale has sold a total of 715,000 $SOL($102M) and still has 1.84M $SOL($246M) staked.https://t.co/ynMBHlFZ8H pic.twitter.com/b58pBCJWEF
— Lookonchain (@lookonchain) September 10, 2024
Further emphasizing their commitment to the Solana network, following Tuesday’s purchase, the investor staked a total of 115,135 SOL tokens, valued at $15.3 million, leveraging the staking mechanism to participate actively in the network’s security and governance.
Conversely, another major SOL holder took a different approach. On the same day, this whale sold 20,000 SOL tokens for $2.66 million. This sale, likely seen as a strategic exit point, contrasts with the purchasing whale’s behavior, showcasing the diverse strategies of large-scale holders in response to market movements.
Despite the sale, this second whale maintains a stake in Solana, holding 1.84 million SOL, currently worth around $246 million.
