Bitcoin saw outflows and inflows into Ethereum dropped, with crypto funds seeing $1.9 billion in inflows.
Crypto funds saw inflows of $1.9 billion last week, with month-to-date inflows reaching a record $11.2 billion. Solana (SOL) and Ripple (XRP) continued high inflows from earlier weeks, according to the latest digital asset fund flows report on Monday.
Rotation of funds to Ethereum, Solana, and XRP from Bitcoin resumed as the altcoin season index rebounded to 49 after a recent dip. Also, Bitcoin dominance dropped below 60%.
Crypto funds inflows continued for the 15th consecutive week, recording $1.9 billion in total inflows last week, reported CoinShares on July 28. The total inflows hit a record $11.2 billion month-to-date, with total assets under management (AuM) reaching another high of $221.5 billion.
Institutional demand for Solana (SOL) and XRP stayed high despite a recent market crash due to ETF anticipation rather than a broad altcoin season, as per the report.
Inflows into Solana skyrocketed to $311.5 million from $39.1 million in the previous week. This triggered the Solana price to surpass the $200 psychological level.
Factors such as high inflows into the Rex-Osprey Solana Staking ETF (SSK) and sentiment on spot Solana ETF approval contributed to a massive buying in the previous week.
Meanwhile, demand for XRP also grew multiple times to $189.6 million from $36.1 million. Strong demand from investors ahead of Rex-Osprey XRP ETF review by the U.S. SEC, ProShares Ultra XRP ETF launch, and bullish prediction of $6 by analysts fueled buying.
Also, Sui and Cardano recorded $8.1 million and $1.3 million in inflows, respectively.
Ethereum saw $1.59 billion in inflows last week, its second-highest inflows. Moreover, Ethereum buying reached $7.79 billion year-to-date, surpassing the total for all of last year.
However, the inflows dipped from a record $2.12 billion in the previous week. The positive momentum continued in the 14th week, but falters amid massive short positions.
Meanwhile, sentiment on Bitcoin completely eroded as it recorded outflows of $175 million from $2.2 billion previously. This indicated capital rotation to altcoins by institutional investors.
Spot Bitcoin ETFs recorded some outflows after 12 straight days of inflows.
The United States and Germany saw strong inflows of $2 billion and $70 million, respectively. However, outflows were recorded in Brazil, Canada, and Hong Kong amid selloffs by investors.
According to Deribit data, traders were betting Solana price to hit $225 in August. Notably, 2,114 calls with a notional value of $4.61 million target the price.
Onchain Lens reported that a whale opened long positions in Solana and XRP with 2x leverage. SOL price was trading 4% higher at $192.65 at the time of writing, with a massive 92% increase in trading volume over the last 24 hours.
Popular analyst Ali Martinez predicted Solana price could quickly hit a new all-time high if it holds above $200. He revealed that there was no resistance standing in the way of a parabolic run.
In contrast, options traders bet on the XRP price to hit $4.4 in the first few weeks of August. The monthly August expiry data shows the price expected to move between $3.2 and $4.
Notably, whales scooped up over 130 million in XRP on Saturday, signaling a potential rally to a new ATH. Today, a whale opened a $11.4 million long at $3.29.
The price of XRP today jumped 1% in the past 24 hours, with the price currently trading at $3.23. The 24-hour low and high were $3.17 and $3.32, respectively.
Furthermore, the trading volume climbed 70% over the last 24 hours, indicating a massive rise in interest among traders.
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