SOL Wins and ETH Loses Amidst Biggest Crypto Inflows Since Mid-2022

A Huge Week for Crypto

According to a recent CoinShares blog post, by James Butterfill, the cryptocurrency industry has just seen its largest weekly capital inflow since back in July 2022.

Following Bitcoin’s heroic surge to $35,000 levels, the cryptocurrency industry, as a whole, saw some $326 million diverted toward the digital asset space. This places month-to-date inflows at nearly $0.5 billion.

Unsurprisingly, Bitcoin itself was the largest beneficiary of this renewed faith, collecting some 90% of the total amount (around $296 million).

As one might expect, expectations that the SEC is poised to approve a spot Bitcoin ETF are being attributed as the primary driver behind the new capital, despite some $15 million diverting towards short-products, betting against the near-term success of BTC.

Interestingly, Canada was the largest contributing jurisdiction to recent inflows, accounting for some $134 million, whilst only $38 million came from the United States.

ETH Spurned while SOL Surges

Perhaps disappointingly for many altcoin-maxis, Ethereum (ETH) itself, didn’t receive the same attention as Bitcoin, as the second largest cryptocurrency saw $6 million in outflows - Perhaps being diverted toward BTC instead, which has performed far more compellingly in recent days weeks.

That said, and though still well below Bitcoin in terms of interest, scalability-oriented L1 blockchain, Solana, saw some $24 million in inflows to its SOL token, which is up 17.45% on the week, at time of writing, according to CoinMarketCap.