The Solana dump looks far from over as whales continue offloading their SOL holdings during this market downtrend. The recent shakeup in the crypto space might have also contributed to these whales’ bearish sentiment towards Solana. 

Crypto Whale Offloads $16 Million Worth Of Solana

In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a whale who has sold 114,300 SOL ($16 million) on Binance and OKX since August 4. This whale’s most recent sale came on August 20, when they sold 10,000 SOL ($1.41 million). 

NewsBTC previously reported about a crypto whale that sold $86 million worth of Solana this year. This particular whale is also back in action, as on-chain data shows that they recently sold 20,000 SOL ($2.9 million). That brings this whale’s total Solana sale to 614,000 SOL ($89 million) since January 15. 

Although the reason for these recent sales remains unknown, they could be related to the bearish sentiment in the Solana ecosystem. With its once vibrant meme coin ecosystem being threatened by other networks like Tron and Binance Smart Chain (BSC), Solana’s decentralized exchange (DEX) trading volume is declining, a metric that could ultimately affect its price. 

Data from DeFiLlama shows that Solana’s DEX volume has dropped by over 20% in the last seven days. Meanwhile, Tron and BSC’s trading volumes are up by over 436% and 15%, respectively. This development is already weighing on Solana, as SOL’s price has remained tepid. Data from CoinMarketCap shows that Solana is one of the few cryptos in the top 20 crypto by market cap not to have recorded a gain in the last seven days. 

Another reason for the recent bearish outlook on Solana is reports that the US Securities and Exchange Commission (SEC) had rejected the Chicago Board Options Exchange’s (CBOE) 19b-4 filings for the Spot Solana ETFs. The Commission is still said to be adamant that Solana is a security. 

Some Whales Remain Undeterred

Despite the bearish outlook on Solana, some crypto whales remain undeterred and have seen this as an opportunity to accumulate more SOL. Two whales, in particular, recently invested millions of dollars in the crypto token—the first whale (9tuA8L) withdrew 30,000 SOL ($4.25 million from Binance and staked these tokens on August 21. 

Meanwhile, the second whale (7CsCGy) also withdrew 26,245 $SOL ($3.72M) from Binance and staked these tokens on August 21. This move could undoubtedly be profitable, especially if Solana’s fundamentals pick up again. Crypto analysts like Ali Martinez had previously predicted that SOL could reach $1,000 in this bull run. 

At the time of writing, Solana is trading at around $142, down in the last 24 hours, according to data from CoinMarketCap. 

The post Solana Dump Far From Over? Whales Continue To Dump SOL appeared first on CryptoSens.

The long-standing legal battle between Ripple and the US Securities and Exchange Commission (SEC) has finally made significant progress in court, and the case may be nearing its end, with a surge for XRP. As expected, this development revitalized interest in XRP, Ripple’s native cryptocurrency, which in turn led to a noticeable surge in XRP’s activity across the crypto industry. 

On-chain data reveals a surge in the number of transactions and trading volumes for XRP on major cryptocurrency exchanges. One of the most noteworthy instances of this trend can be seen on the South Korean exchange, Upbit, where XRP trading volume has surged dramatically. This surge has been so pronounced that XRP’s trading volume on Upbit has eclipsed that of major cryptocurrencies like Bitcoin, Ethereum, and Solana.

The price of XRP experienced a rapid surge in the immediate aftermath of a pivotal court ruling by Judge Analisa Torres, a decision that Ripple executives and the community interpreted as a positive outcome for the payments technology company. As reported by Bitcoinist, the federal judge ordered Ripple to pay $125 million in civil penalties to the U.S. Securities and Exchange Commission (SEC), which is significantly lower than the $2 billion initially sought by the regulator. 

In reaction, XRP surged from $0.50 to $0.6368 in less than two hours, according to data from Coinmarketcap. This sharp increase in value was accompanied by an extraordinary spike in trading activity, particularly on the South Korean-based exchange Upbit. During this period, Upbit’s trading volume reached an astounding 746 million XRP, valued at over 610 billion KRW within a 24-hour time frame. 

At the height of this trading frenzy, XRP accounted for more than 30% of the total volume on the exchange. This huge trading volume was enough to account for 14% of the total transactions worldwide after the court ruling. Chad Steingraber, a fervent XRP enthusiast, shared this statistic on social media platform X. 

Bithumb, another prominent cryptocurrency exchange in South Korea, also witnessed a dramatic increase in XRP trading volume. The altcoin’s trading volume surged past other major cryptocurrencies, including Bitcoin, Ethereum, and Solana, accounting for 22% of the total trading volume on the exchange.

What’s Next For XRP?

The recent ruling means XRP is now free from the burden of the lawsuit that has hampered its price growth for the past four years. However, despite this positive development, the case could continue to cast a shadow over XRP if the SEC decides to appeal the ruling. An appeal could extend the legal proceedings, thereby prolonging the uncertainty that has followed its price performance.

At the time of writing, XRP is trading at $0.6046. The recent price surge means the cryptocurrency has broken out of a descending triangle pattern again. According to a recent technical analysis, a significant breakout from this pattern could translate into an extended XRP price surge into new all-time highs.

The post XRP Has Surpassed Bitcoin, Ethereum, And Solana Combined In This Metric appeared first on CryptoSens.

Solana (SOL) is currently one of the high-flyers in the crypto market. The crypto token recently recorded one of the most gains following the market-wide rebound. Crypto analyst Rekt Capital, however, suggested that the crypto token is just getting started, revealing key levels to watch as Solana eyes higher prices. 

Key Levels To Watch For Solana’s Price

In an X (formerly Twitter) post, Rekt Capital highlighted $180 and $202 as key price levels to watch for Solana’s price. The analyst claimed that a successful retest of the $180 price level as new support could continue an upward trend over time for Solana. SOL could rise above $200 in the short term as it moves further to the upside. However, the crypto token would need to break the resistance at $202 as it looks to break its all-time high (ATH) of $260. 

Following the recent market-wide rebound, Solana had risen above $180, a three-month high for the crypto token. Although the crypto token has dropped below this price level again, another rise above $180 will help SOL establish that price range as new support and prime it for further moves to the upside. As highlighted by Rekt Capital, the $135 and $122 price levels have already been established as solid support for the crypto token. 

Rekt Capital’s analysis follows crypto analyst Ali Martinez’s recent prediction that Solana could skyrocket and rise to as high as $1,000. Martinez stated that early signs of a breakout from a bull pennant suggest a potential 900% rally ahead for Solana. 

Crypto analyst Javon Marks also offered a bullish prediction for Solana, stating that the crypto token will rise to $233 and then $450. He made this prediction based on SOL’s bullish structure, which he noted also recently confirmed a hidden bullish divergence. 

Marks explained that this divergence could send Solana’s price back above $204 and lead to a price rally of over 40% to $233.8 as prices “hold broken out of a much larger resisting structure.” The analyst also suggested that this bullish divergence will cause Solana’s price to rise to $450. 

Enough Reasons To Be Bullish On Solana

There are enough reasons to be bullish on Solana, especially considering how the crypto token has earned the status of being among the ‘big 3’ alongside Bitcoin and Ethereum in this bull run. Solana’s dominance in this market cycle is one reason market participants anticipate that a Spot Solana ETF will likely be approved next. 

Solana’s price appears to be reacting to such expectations, with fund issuers VanEck and 21Shares filing to offer Spot Solana ETFs. If they eventually launch, these funds could contribute to more parabolic price gains for SOL, considering the Spot Bitcoin ETFs’ impact on BTC’s price.

The steady rise in Solana’s total value locked (TVL) also paints a bullish picture for the crypto token. Data from DeFiLlama shows that Solana’s TVL has been rising significantly since the start of the year and has continued to hit new highs. The network’s TVL currently stands at $5.21 billion, the third highest among all chains.  

At the time of writing, Solana is trading at around $173, down over 1% in the last 24 hours, according to data from CoinMarketCap.

The post Road To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana Price appeared first on CryptoSens.

Raoul Pal, the co-founder and Chief Executive Officer (CEO) of Real Vision, a financial media platform, has indicated that Solana is on the brink of reversing its bearish trends. The financial expert has predicted a “magnificent autumn rally” for the cryptocurrency in this market cycle. 

Solana To Witness Major Autumn Rally

Solana’s recent downward trend could potentially signal a great buying opportunity for investors who remain optimistic about the cryptocurrency’s future outlook. Being a popular supporter and long-term investor of Solana, Pal has expressed confidence in the cryptocurrency’s ability to witness a major price increase soon.  

In an X (formerly Twitter) post on June 18, Pal highlighted Solana’s present market dynamics, sharing a detailed price chart of the cryptocurrency, depicting its price movements from July 2023 to July 2024. The analyst described Solana’s price actions as a “banana” that was slowly “ripening,” emphasizing the cryptocurrency’s steady rise to peak value.

He also underscored the cryptocurrency’s significant growth potential and performance amidst market downtrends, highlighting Solana’s ability to witness a “magnificent” rally in the upcoming autumn season. In this context, the autumn season signifies a cryptocurrency season characterized by a surge in market capitalization followed by initial signs of market weakness, as investors take profits and volatility increases.

Typically, crypto autumn precedes the winter season which is the harshest period in the market where bears attack and cryptocurrency prices fall dramatically. Pal has suggested that investors who wish to add more SOL to their existing holdings can do so during this period to take advantage of potential buying opportunities. 

He portrayed Solana’s present price as a prime entry point for crypto investors to position themselves before an impending rally. However, a few crypto community members expressed skepticism about Pal’s predictions, including crypto analyst, Jerry Jordan who queried about the timeline for this projected “banana season.” 

Responding to Jordan’s comment, Pal acknowledged that while a banana season for Solana was inevitable, ongoing market volatility makes the timeline for its projected surge uncertain. He emphasized that Solana will need to break out of its current sideways consolidation before it can witness a significant price increase. 

Sharing Pal’s bullish sentiments for Solana, popular crypto analyst, Ali Martinez has disclosed a key support zone at $141 for the cryptocurrency. He revealed that Solana’s TD Sequential was showing a major buy signal on its daily chart, predicting a possible rebound if the cryptocurrency holds the aforementioned support level. 

SOL Price Fundamentals Remain Strong Amidst Downturn

The price of Solana has been on a major downward trend lately, recording a significant 19.84% decline since the beginning of the month. Despite the market’s volatility, the price of Solana has continued to maintain a value above $135, underscoring its strong price fundamentals amidst wavering market conditions. 

According to CoinMarketCap data, Solana is trading at $139.78, reflecting a 0.31% surge in the last 24 hours. The cryptocurrency is steadily pushing toward the $150 threshold despite witnessing an 8.44% decline over the past seven days. 

The post Is Solana A Good Buy? Finance CEO Predicts ‘Magnificent’ Autumn Rally appeared first on CryptoSens.

Solana (SOL) whales are at it again, as they are seen to have moved a significant amount of their Solana holdings in the last 24 hours. This comes amidst the bearish sentiment in the crypto market, which has also caused Solana’s price to decline. 

Solana Whales Move Over $500 Million Worth Of SOL In Several Transactions

On-chain data shows that Solana whales have conducted six large transactions in the last 24 hours. The first transaction involved the transfer of over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). This wallet then sent 1.13 million SOL tokens ($163 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) a majority of the transferred funds (1 million SOL tokens).

The third transaction involved the transfer of just over 1 million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). This wallet then transferred the tokens to another unknown wallet (3vx…kom). The fifth transaction still involved the unknown wallet (3vx…kom), which moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr).

This unknown wallet then transferred the received tokens to a Coinbase-linked wallet. This transaction suggests that the Solana whale may be looking to offload their tokens, which would negatively impact Solana’s price. However, the earlier transactions indicate that the other Solana whales may just be rotating their capital between wallets rather than offloading them on the market. 

This is also feasible considering that there has been a lot of activity on the Solana network, with traders actively trading due to the ongoing meme coin frenzy. Data from DappRader shows that the transaction volume on the network has continued to soar despite SOL’s declining price. 

What Next For SOL’s Price

Crypto analyst Ali Martinez recently mentioned that Solana is set for a “major 53% price move.” He added that the market should keep an eye on the $143 support and $178 resistance levels to gauge sentiment on the crypto token. 

Crypto analyst Jelle seems to have a bearish sentiment toward SOL. He recently revealed that Solana has failed to repeat a similar pattern from earlier in the year and has now lost the $150 support level. He stated that he wouldn’t be surprised if Solana dropped to as low as $140. 

Crypto analyst Altcoin Sherpa also revealed his bearish sentiment for SOL, stating that the current celeb meta isn’t “healthy” for the crypto token’s ecosystem. He added that Solana’s chart looks “pretty scary” and that Ethereum will probably continue outperforming it for this next stretch. 

Altcoin Sherpa also discussed the possibility of Solana dropping to as low as $120 while analyzing its USDT pair. He stated that he wouldn’t invest in Solana until it dropped to $140 and that he might just continue to wait until it fell to around $120. In the long term, the crypto analyst is still bullish on Solana and expects it to rise above $500 this year. 

The post Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed? appeared first on CryptoSens.

In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a $2.6 billion stash of Solana (SOL) at a “deeply discounted price.” 

Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg.

SOL Tokens’ Four-Year Journey

Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at $64 each, generating up to $1.9 billion in proceeds for the estate. 

Under Mike Novogratz’s Galaxy Digital, Galaxy Trading managed to raise approximately $620 million for a fund established to purchase SOL from the FTX estate. According to the report, investors in the vehicle will be subject to a 1% management fee, and the investment will offer a yield through staking.

It is worth noting that the 41 million Solana tokens sold by the FTX estate are locked according to a pre-agreed vesting period, preventing them from being available for trading on the market. 

According to Bloomberg, these tokens will gradually become available for sale over the course of four years, which could significantly impact SOL’s price action. However, as the tokens remain locked, SOL’s 739% year-to-date (YTD) uptrend remains intact, and the possibility for further gains remains in the cards.

Solana Sale Garners Interest From Prominent Figures

FTX co-founder Sam Bankman-Fried, convicted of fraud and sentenced to 25 years in prison, was a major supporter of SOL. 

As previously reported, Bankman-Fried has actively engaged with guards at the Metropolitan Detention Center, where he is currently incarcerated. He offers investment advice and recommends SOL as a potential opportunity, demonstrating his bullish sentiment on the protocol. 

The token, which operates on the Solana blockchain, constituted a significant portion of the digital assets stranded on the collapsed exchange, creating shockwaves throughout the crypto markets. 

In addition to Galaxy Digital, Bloomberg notes that selling SOL tokens has attracted the attention of Pantera Capital. This $5.2 billion asset manager has reportedly raised capital for a special fund to acquire up to $250 million of SOL from the FTX estate. 

Vancouver-based Neptune Digital Assets Corp. also announced the purchase of 26,964 SOL tokens for $1.7 million on March 27. However, FTX creditors are concerned they will be under-compensated in the SOL sale process. 

Creditors Dispute FTX Bankruptcy Ruling

In January, the judge overseeing the bankruptcy case ruled that the amount of each claim should be based on what the customer or creditor was owed on the day FTX filed for bankruptcy. At that time, SOL was trading at about $16, well below its current market price.

As the price of SOL rallied in recent months, this discrepancy became a point of contention for some creditors. One creditor, Sunil Kavuri, expressed during Bankman-Fried’s final sentencing hearing that the SOL coins are “our property.” 

Another creditor, whose name was redacted in court documents, stated in a written statement that the FTX estate is “giving away money for free to hedge funds.” In a recent interview, Bankman-Fried claimed the following regarding clients’ growing concerns about underpayment: 

I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full, at current price. That could and should have happened in November 2022, and it could and should happen today. It’s excruciating to see them waiting, day after day. 

Currently, the price of SOL stands at $175, reflecting a decrease of up to 6.7% within the last 24 hours and over 7% over the past week.

Featured image from Shutterstock, chart from TradingView.com 

The post FTX Estate Offloads $1.9 Billion Worth Of Locked Solana (SOL) Tokens In Sale appeared first on CryptoSens.

Solana (SOL) has experienced a notable resurgence in its bullish momentum, with a rebound of over 9% in the past 24 hours. This notable performance has outpaced the top 10 largest cryptocurrencies in terms of market capitalization.

The latest surge in SOL’s price has allowed it to surpass its resistance level on the daily chart at $184. The remaining hurdle of $201 now stands as the final barrier to prevent further gains for the cryptocurrency. 

However, industry experts and crypto analysts suggest that SOL’s price action indicates a potential continuation towards its previous all-time high of $259, achieved during the market’s bullish run in November 2021.

SOL  Price Expected To Breakout And Target All-Time Highs

One analyst, “Jelle,” highlights SOL’s successful transformation of the last significant resistance level into support, suggesting a positive outlook for the token’s future. The analyst predicts that the SOL price will continue to rise and potentially exceed $250 by the summer.

Similarly, another analyst using the pseudonym Mikybull points out that SOL is currently consolidating within a symmetrical triangle pattern on a daily timeframe. 

According to the analyst, a breakout from this pattern is expected to trigger an “explosive” price movement, aiming to reach its previous all-time high levels at around $255.

Supporting SOL’s renewed bullish momentum, CoinGecko data reveals a significant increase in trading volume, with $4,514,426,127 traded in the last 24 hours. This represents a 74.20% surge compared to the previous day, indicating a notable surge in market activity. 

Solana Metrics Demonstrate Growing Investor Interest 

According to data from Token Terminal, Solana’s key metrics further highlight the use and adoption of its blockchain among investors. Starting with market capitalization, the fully diluted market capitalization is $99.32 billion. This figure represents the total market value if all tokens were in circulation. The fully diluted market capitalization over the past 30 days has increased by 70.0%. 

On the other hand, the circulating market cap, which only considers the tokens currently in circulation, is valued at $77.05 billion. It has witnessed a 30-day growth of 71.3%.

Examining fees generated through transactions on the Solana network, the 30-day fees amount to $51.46 million. This represents a notable surge of 220.7% within 30 days, highlighting increased network usage and demand. When annualized, the fees reach $626.15 million.

In terms of revenue, Solana has seen positive growth. The 30-day revenue is $25.73 million, reflecting a significant increase of 220.7% over the past month. When annualized, the revenue amounts to $313.08 million, showing the sustainable income generation within the Solana network.

It remains to be seen if these metrics and bullish momentum will sustain SOL’s path to its current all-time highs.

Featured image from Shutterstock, chart from TradingView.com

The post Solana (SOL) Breaks Through Key Resistance, Analyst Forecasts $250 Price Target appeared first on CryptoSens.

Solana (SOL) looks to be attracting the attention of institutional investors, with this Solana fund trading as high as an 870% premium following SOL’s bullish momentum. These investors’ interest in the SOL token isn’t surprising as on-chain metrics suggest it is still undervalued, and a parabolic rise might be on the horizon. 

Grayscale Solana Trust Trades At A Premium 

Per data from Grayscale’s website, the Grayscale Solana Trust (GSOL) is currently trading at $317 per share, representing a significant premium from SOL’s current price. The premium had risen to 870% on March 8 when GSOL was trading at $540. Shares in the fund are designed to track the value of SOL’s price, allowing institutional investors to have exposure to the token without holding it. 

The disparity between the share price of GSOL and SOL’s price might be because institutional investors are limited in the means to gain exposure to SOL. As such, a fund like GSOL could see its price increase exponentially (just like now) when there is increased institutional demand for the SOL token.

Institutional interest in SOL is also evident from NewsBTC’s recent report that crypto-focused asset manager Pantera Capital is raising funds to buy $250 worth of SOL. Investors are likely to jump on this opportunity, considering that these SOL tokens will reportedly be sold at a fixed price of $59.95, meaning there is an opportunity to make significant gains from the deal. 

SOL Still Greatly Undervalued

Crypto analyst Hansolar suggested that SOL was still undervalued when he mentioned that the crypto token might not take off until BTC and ETH hit new all-time highs (ATH). He also predicted that SOL could rise to as high as $600 in this bull cycle. Meanwhile, the argument about SOL being undervalued is backed by the fact that it is still far off from its ATH of $260. 

Crypto tokens are known to set a new ATH in every bull run, and there is every likelihood that it won’t be different for SOL this time around. Moreover, SOL and the Solana network are gaining much traction heading into this cycle, which should contribute to more price surges for the SOL token. 

Solana recently registered an ATH in the number of daily new addresses, with many users onboarded into the ecosystem. This increased interest in the network has been partly due to its DeFi landscape, which is going head-to-head with Ethereum’s, and the current meme coin frenzy on Solana, which has attracted investors. 

At the time of writing, SOL is trading at $152, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

The post Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium appeared first on CryptoSens.

Having failed to break its previous high for the year, the price of Solana has continued to move downward. From the height of $118.88, the coin, which is currently ranked 5th in the crypto space with a total supply of 440,961,455 SOL and a market capitalization of $58.2 million,  has made a drop of over 25% and is not showing any signs of stopping.

As of the time of writing, the price of SOL was up by 2.76% and trading around $102.63, below the 100-day moving average in the last 24 hours. Meanwhile, in the daily timeframe, the price has dropped a bearish candlestick, indicating that the price is still bearish.

The moving average indicator generally is used to determine the trend of an asset, which could be an uptrend or downtrend. Since the price of Solana is trading below the 100-day moving average, could this mean that the price has changed from an uptrend to a downtrend?

Solana On The 4-Hour Chart

A technical examination of the chart from the 4-hour timeframe and with the help of a trend line we can see that two resistance levels of $118.88 and $114.87 have been created by previous price movement. We can also see that the price has broken the support level of $103.57. Therefore, the price for the next destination might be the $92.84 support level. 

This can be seen in the image below:

Also, taking a look at the 4-hour timeframe chart with the help of the MACD indicator in the above image, we can see that the MACD histogram is trending below the MACD zero line. Both the MACD line and the signal line have crossed and are trending below the MACD zero line, suggesting that the price of SOL is bearish and could continue to move downward.

A final look at the chart with the help of the Bull Power Vs. Bear Power Histogram indicator, we can see that the histograms are trending below the zero line. This suggests that buyers have completely lost momentum in the market, and sellers have taken over it. Thus, the price will tend to move downward. 

We can see this in the image below:

Possible Outcomes If The SOL Price Continues To Drop

If SOL continues to drop, we might see the price moving toward the support level of $92.84. Also, if it manages to break below this level, the price might move further downward toward the $79.32 support level.

Presently, Solana is seeing minor upsides of 1.3% in the last 24 hours, according to data from CoinMarketCap.

The post Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger? appeared first on CryptoSens.

According to a CoinShares report, Bitcoin and Solana led the way in the amount of institutional inflows into digital asset investment products last week. The report also highlighted an emerging trend among Spot Bitcoin ETFs in the US. 

Bitcoin Records $703 Million In Inflows

Bitcoin is reported to have seen inflows totaling $703 million last week, thereby accounting for 99% of all flows into these investment products. Solana came in a distant second with an inflow of $13 million, outperforming the second-largest crypto token, Ethereum, which saw an inflow of $6.4 million. 

The spotlight was on Spot Bitcoin ETFs in the US, with these funds seeing an inflow of $721 million last week. These new ETFs are said to have now averaged $1.9 billion in inflows over the last four weeks, bringing their total inflows to $7.7 billion since launch. Meanwhile, Grayscale’s GBTC has contributed largely to the $6 billion that these funds have recorded as outflows so far. 

CoinShares noted that these outflows have slowed in recent weeks, suggesting that GBTC investors have cooled off on taking profits. The inflows recorded by other Spot Bitcoin ETFs have also been able to overshadow GBTC’s outflows. NewsBTC had also recently reported how BlackRock’s IBIT had surpassed GBTC in trading volume for the first time. 

A Drop In Trading Volume

Last week was a relatively slow week for digital asset investment products in terms of trading volume. The report highlighted how trading volumes in ETPs (Exchange Traded Products) fell to $8.2 billion compared to the prior week’s total of $10.6 billion. This drop in trading volume was well evident in the figures that the Spot Bitcoin ETFs recorded last week. 

Notably, these funds recorded a daily trading volume of $924 million on February 1 last week, the first time that the trading volume was under $1 billion. This trend continued the next day, with the Spot Bitcoin ETFs combined recording $922 million in trading volume. 

Bloomberg analyst Eric Balchunas, however, suggested that there was no need to be alarmed. He noted in an X (formerly Twitter) post how there is usually a slow decline after a big, hyped launch. What is, however, evident is the fact that these funds have lived up to the hype so far. BlackRock and Fidelity alone (the top two issuers by AuM, excluding Grayscale) now hold over 134,358 BTC ($5.7 billion) for their Spot Bitcoin ETFs. 

Interestingly, their funds also made the top 10 of all ETF inflows in January. This shows an impressive interest in the funds and that institutional adoption of the flagship crypto token is on the rise. 

The post Bitcoin, Solana Take Center Stage In $721 Million In Institutional Inflows appeared first on CryptoSens.