Sui (SUI) Emerges as the Top-Performing Altcoin of the Week, Outperforming Peers in Price Action and Investor Inflows

Key Points:

* Digital asset investment products saw a total of $882 million in inflows last week, according to the latest data from CoinShares.

* This marks the fourth consecutive week of inflows, bringing year-to-date (YTD) inflows to $6.7 billion.

* Bitcoin (BTC) led the way with $867 million, closely followed by U.S. crypto ETFs, which saw $704 million in outflows after a record-breaking quarter.

Related: Bitcoin, ether outflows continue as U.S. crypto ETFs in biggest quarterly loss- CoinShares

* Despite a strong start to the year, Ethereum (ETH) saw only $1.5 million in inflows, while Solana (SOL) experienced $3.4 million in outflows.

* However, a shift in investor preference saw Sui (SUI) emerge as the best-performing altcoin of the week.

* Notably, SUI also outperformed its peers in terms of investor interest, as evidenced by the significant rise in Google Trends searches for “SUI.”

* After a strong showing last week, interest in Bitcoin has declined slightly, while interest in Ethereum continues to rise.

CoinShares reports $882M in digital asset inflows last week, the fourth straight week, bringing 2024 YTD total to $6.7B. Bitcoin led with $867M, while Ethereum saw just $1.5M. U.S. crypto ETFs have now reached $62.9B in cumulative inflows. https://t.mo/AHt0QEXBhN

— Wu Blockchain (@WuBlockchain) May 12, 2024

Investor funds prefer Bitcoin over U.S. crypto ETFs

CoinShares’ latest report highlights a strong preference for Bitcoin among investors, with the flagship cryptocurrency attracting an overwhelming majority of the total inflows.

Of the $1.5 billion in capital outflows, $1 billion flowed out of U.S. crypto ETFs, likely due to a strong first quarter that saw net inflows of $2.4 billion.

This brings the total net ETF outflows since January to $62.9 billion, a significant milestone in the cryptocurrency market.

The report further notes that, despite the outflows, U.S. crypto ETFs are still in a healthy position, having seen $16.4 billion in outflows over the past 12 months.

Moreover, despite a strong start to the year, Ethereum (ETH) saw only $1.5 million in inflows, a stark contrast to the previous week, which saw $246 million flow into the second-largest cryptocurrency.

However, a shift in investor preference saw Sui (SUI) emerge as the best-performing altcoin of the week.

The emerging blockchain, known for its high throughput and dynamic assets, attracted $11.7 million in derivatives and structured products over the past week.

This not only placed it well ahead of Ethereum, which garnered a modest $1.5 million, but also enabled Sui to overtake Solana in YTD inflows, with $84 million compared to Solana’s $76 million.

In contrast, Solana saw $3.4 million in outflows last week, highlighting a growing disinterest among investors in the blockchain.

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