Crypto Market Report Q2 2024 Solana and Litecoin Garnered a Combined 3M Inflows Last Week

CoinShares’ weekly report for the conclusion of the second quarter of 2024 reveals that digital asset investment products experienced three weeks of consecutive cash inflows. However, the total cash flow for these products was a negative $30 million last week.

In the last week of June, Ethereum’s investment products saw a cash outflow of approximately $60.7 million, leading to a total of $14.35 billion in assets under management (AUM). On the other hand, Bitcoin’s investment products reported a cash inflow of about $10 million, bringing its total AUM to $67.57 billion. Additionally, Solana (SOL) and Litecoin (LTC) both experienced cash inflows of about $1.6 million and $1.4 million, respectively.

The United States led in cash inflow with approximately $43 million, followed by Brazil and Australia with about $7.6 million and $3 million, respectively.

Market Impact on Ethereum
The substantial cash outflow from Ethereum has significantly affected the bullish outlook for the cryptocurrency this year. Despite being a large-cap altcoin with a fully diluted valuation of around $416 billion and a total value of over $60 billion, Ethereum has been in a consolidation phase for the past three months. However, the upcoming listing of spot Ethereum ETFs in the United States is expected to generate a bullish sentiment, leading to a significant influx of funds into the Ethereum ecosystem in the coming months and potentially driving the altcoin into a parabolic phase.

Bigger Picture
The gradual adoption of Web3 protocols and digital assets globally has contributed to an overall increase in crypto liquidity. Furthermore, with Bitcoin miners’ capitulation level nearing the FTX-collapse levels, it is reasonable to anticipate a crypto rebound in the near future. Additionally, July has historically been a bullish month for the entire crypto industry over the past five years.

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