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SUI Outshines XRP and Cardano as Crypto Inflows Top $785M
Key Notes
According to insight gathered from CoinShares data, the broader crypto market investment products recorded up to $785 million in inflows this past week. This outlook, which features SUI Network
SUI $3.65
24h volatility: 5.3%
Market cap: $12.18 B
Vol. 24h: $1.76 B
outperforming Ripple-associated XRP
XRP $2.22
24h volatility: 0.8%
Market cap: $129.99 B
Vol. 24h: $2.17 B
and Cardano
ADA $0.71
24h volatility: 3.3%
Market cap: $25.55 B
Vol. 24h: $547.02 M
, brings the Year-to-date (YTD) inflows to $7.5 billion.
Bitcoin and Ethereum Inflows Teases Renewed Interest
Per the CoinShares report, this marks the fifth consecutive week of inflows for the crypto sector, and the YTD flow of $7.5 billion successfully beats the former peak of $7.2 billion recorded in early February.
At this rate, the market has also recovered the $7 billion in outflows registered during the February–March price correction. While the outlook for the market looks promising, investors’ sentiment differs significantly across regions.
In the US, Germany, and Hong Kong, the crypto investment products recorded inflows of $681 million, $86.3 million, and $24.2 million, respectively. On the other hand, Sweden, Canada, and Brazil bagged massive outflows of $16.3 million, $13.5 million, and $3.9 million, respectively. Similarly, the flows differed across various digital assets.
For instance, Bitcoin
BTC $96 611
24h volatility: 2.1%
Market cap: $1.92 T
Vol. 24h: $29.09 B
saw up to $557 million in inflows, while Ethereum
ETH $1 845
24h volatility: 2.6%
Market cap: $222.72 B
Vol. 24h: $14.22 B
recorded the highest inflows among altcoins. The coin bagged $205 million in inflows and $575 million YTD. Ethereum’s performance suggests renewed investor optimism around the coin and the ecosystem.
This follows the successful Pectra upgrade a few weeks ago and the appointment of new co-executive director Tomasz Stańczak. While the Bitcoin inflows are quite impressive, they represent a decrease from the previous week. The continued uncertainty may have triggered this as the United States Federal Reserve failed to cut interest rates.
Short-Bitcoin products were not left out as they saw a fourth consecutive week of inflows, running to $5.8 million. This is a reflection of investor positioning amid recent price gains. Unlike the others, Solana
SOL $150.7
24h volatility: 2.6%
Market cap: $78.04 B
Vol. 24h: $3.80 B
recorded outflows of $0.89 million, which has been its trend in the last few weeks.
SUI Outpaces XRP and Cardano, But Price Shift Recorded
In terms of the flows by assets, SUI surpassed the likes of XRP and Cardano, with its weekly inflows totaling $9.3 million. XRP recorded $4.9 million inflows, while Cardano had only $500,000 inflows. SUI was only outranked by Bitcoin and Ethereum, which topped the list of featured assets.
The outlook of SUI barely comes as a surprise, considering its performance in the last few weeks. As of May 12, SUI was leading altcoin gains with $11.7 million in weekly inflows and a bullish price trajectory. The crypto asset outperformed Ethereum, the largest altcoin by market capitalization, during this time.
Analysts spotted a sustained bullish trend on the daily chart of the SUI/USDT trading pair at the time. The market observers were quite confident that the continuation of the bullish momentum could birth a breakout above the $4.20 resistance.
Today, SUI trades at $3.67, corresponding with a 4.52% price dip in the last 24 hours.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.