Crypto fund inflows soar despite government funding impasse

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Crypto fund inflows soar despite government funding impasse

Institutions love Solana, according to CoinShares' latest cryptocurrency fund report, even when the rest of the crypto space is flat.

Inflows of more than 4 million in the past few days, driven by a combination of factors- including the recent 'quagmire' over government funding.

Although it's hard to tell for certain, Butterfill explained to Decrypt that the impasse in Washington D.C. over budget concessions is behind the spike in interest.

The timing of inflows is closely related to the timing of the rise of the 10-year government bond, he said.

Although the bulls are not completely in charge, they're still able to continue their dominance. volume levels remain insufferably low, averaging $3 billion daily, a far cry from last year's $11 billion. These levels, Butterfill said, take us back to 2020.

There is still a regional divide among big companies. The U.S. saw outflows worth $19 million, while Canada's neighbor to the north, Canada, clocked $17 million worth of buying pressure. The old continent had inflows worth $23 million across the pond and into Europe.

As of May last, Ethereum still maintains its 'least-loved altcoin' label for the year. The property was worth $1.5 million, highlighting seven weeks straight of sales, bringing in $114 million offloaded over the year.