Solana price fell to $143 on Wednesday, marking three consecutive days of decline with a 9% weekly drop. Despite bearish price action, on-chain data reveals $730 million in new staking deposits, suggesting investor confidence in long-term recovery prospects.
VanEck has filed for a spot BNB ETF in Delaware, potentially driving the token’s price upward in the coming months.
VanEck forecasts an over 3% growth for the M2 money supply within this year.
Today’s decision will have a very huge impact on the crypto ETF space.
Despite a bullish market, institutional investors pulled $400 million from Bitcoin ETFs.
With a 70-year legacy of offering investment solutions across diverse industries and asset classes, privately held VanEck now provides millions of customers access to SUI.
Institutional investors have poured in more than $3 billion in Bitcoin spot ETFs since the first day of October.
The $79 million net outflow on Tuesday reduced the cumulative net inflows of the 12 ETFs to $21.15 billion.
This massive exodus of capital suggests that investors are gradually withdrawing from the ecosystem. It also coincides with Bitcoin’s struggles to find a support level.
While five of the eleven approved Bitcoin ETFs saw positive inflows running into the millions, the remaining products experienced mixed results.
Ethereum’s performance is particularly reflective of current market sentiments.
Cohen explained that Bitcoin and Ethereum have met the financial giant’s expectations, and no other crypto has attained the same level of investor interest and demand.
Meanwhile, the 11 spot Bitcoin ETFs in the US have continued to see rising demand. Since their launch in January, these funds have accumulated a net inflow of $17.54 billion.
Industry experts believe that SOL is an appealing candidate for future ETFs due to its unique market position and technological advancements.
A report from Kaiko Research said that ETH price would be sensitive to the spot Ether ETF inflows amid the poor demand for the Ethereum futures products late last year.