The crypto market is continuing its October momentum into the new month. According to CoinShares’ latest report, Ethereum (ETH) and Solana (SOL) are leading the altcoin fund inflows. As per the report, ETH saw inflows of $17.5 million over the last week, while SOL saw inflows of $10.8 million in the same time frame. Ethereum’s (ETH) fund inflow was the most significant since August 2022. Bitcoin (BTC), on the other hand, saw the highest funds flowing in, with $228.9 million over the last seven days.
Apart from Ethereum (ETH) and Solana (SOL), other altcoins also saw minor inflows over the last week. Chainlink (LINK) saw inflows of $2 million, XRP saw inflows of $0.2 million, and Cardano (ADA) saw $0.5 million. Polygon (MATIC) received funds of $0.8 million. Tron (TRX), on the other hand, did not see any inflows last week.
CoinShares’ report notes that Ethereum (ETH) has seen a lot of outflows in 2023, totaling $107 million.
Will Ethereum (ETH) and Solana (SOL) continue to rally?
The recent fund inflows reflect the price surge of ETH and SOL. ETH is up 5.2% over the last seven days and 0.9% in the previous 24 hours.
Solana (SOL), on the other hand, has surged 14.8% over the last seven days and 2.6% in the daily charts.
The crypto market is witnessing rejuvenated positive sentiment. Bitcoin (BTC) is leading the market, with other assets following behind. If BTC sustains its rally, other assets, such as Ethereum (ETH) and Solana (SOL), will likely follow. BTC’s rally, however, is most probably fueled by the anticipation of a spot BTC ETF (Exchange Traded Fund). If the SEC (Securities and Exchange Commission) approves a spot BTC ETF application in early 2024, we may enter another bull run. However, if the SEC denies the application, we may see a dip in prices.