Decentral Block Post

Solana (SOL) investment products clocked $26 million worth of inflows since the start of 2023, outpacing all other altcoins including Ethereum, suggesting its the “most loved altcoin amongst investors” according to CoinShares.

In a Sep. 4 Digital Asset Fund Flows weekly report, CoinShares' head of research James Butterfill noted that trading volumes for crypto investment products for the week ending Sep. 1 were 90% above the year-to-date average — with crypto product outflows dropping to $11.2 million.

It marks a seven-week run of negative sentiment that’s seen $342 million leave crypto products over that time but YTD, investment products remain net inflow positive at $165 million.

The outflows haven’t affected Solana products however, which saw weekly inflows of $700,000 — the ninth straight week in a row with inflows of $14.1 million over that time and YTD inflows of $26 million.

Bitcoin (BTC) products were the only other asset to see weekly inflows, totaling $3.8 million, while Short BTC, Polygon (MATIC) and Ether (ETH) products all recorded weekly outflows.

Crypto betting platform Stake has reopened deposits and withdrawals and resumed services for users only five hours after the platform was hacked to the tune of $41.3 million, blockchain security firms estimate.

Stake confirmed that all services resumed at 9:28pm UTC time on Sept. 4 — a few hours after the platform confirmed that several unauthorized transactions were made on Stake’s ETH/ BTC hot wallets:

The betting site said its Bitcoin (BTC), Litecoin (LTC), and XRP wallets were not impacted but hasn’t yet shared the cause of the exploit or how much was stolen. Stake however confirmed that user funds remain safe.

Recent analysis by blockchain security firm Beosin calculated the total loss to be $41.35 million, which included $15.7 million on Ethereum (ETH), $7.8 million on Polygon (MATIC) and another $17.8 million from the Binance Smart Chain.

An earlier estimate of $15.7 million by fellow blockchain security firm PeckShield didn’t account for the $25.6 million allegedly lost on BSC and Polygon, according to on-chain analyst ZachXBT.

The United States' equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%.

One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund applications. However, this has not dented the expectations of analysts.

In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs.

The short-term price action in Bitcoin remains in flu. But that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows that the currently mined supply dormant for three years or more has hit a new high of 40.538%.

Could Bitcoin break out of its range in the next few days? What are the important levels to watch out for? Let’s analyze the charts to find out.