Crypto digital asset investment products had positive inflows for the first time in a month after the prices of cryptocurrencies across the board dropped to their lowest levels in months.
Crypto digital asset products saw inflows totaling $441 million in the week ended July 5, CoinShares International Ltd. data show, a significant rebound from the $39 million in outflows the week prior.
Funds backed by the Solana cryptocurrency saw the second-biggest increase and claimed over $16 million in gains, a 900% increase compared to the previous week.
The gains comes about two weeks after asset manager VanEck appealed to the US Securities Exchange Commission to obtain approval for a Solana-backed ETF.
The major crypto products that CoinShares tracks were overall in the green last week.
Bitcoin digital funds led the pack with nearly $400 million in inflows, marking a turnaround from a three week period which saw products for the world’s largest cryptocurrency lose over $1.2 billion. The substantial inflows came amid a week where the price of Bitcoin briefly dipped to $54,000, its lowest level since February.
Ether-backed products still have overall outflows for the year totaling about $15 million now.
Ether gained about 4% to about $3,000 on Monday morning while Bitcoin rose around 3% to $56,500.
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