Crypto asset manager and research firm CoinShares says institutional investors poured millions of dollars into altcoin digital asset investment products last week.

In its latest Digital Asset Fund Flows Weekly Report, CoinShares says crypto products enjoyed inflows last week after record-setting levels of outflows.

“Digital asset investment products saw US$226m of inflows last week suggesting a positive but cautious investor. Following the largest outflows on record, ETPs have seen 9 consecutive trading days of inflows.

Last Friday was the exception, seeing minor outflows totaling US$74m, likely in reaction to core personal consumption expenditure in the US coming in above expectations, implying the US Federal Reserve is likely to remain hawkish despite recent data alluding to weak growth.”

Bitcoin (BTC) products, as usual, led the charge with $195 million in inflows. The king crypto was followed by altcoins, which broke a month-long streak of outflows. Leading inflows were Ethereum (ETH), Solana (SOL), XRP and Sui (SUI).

“Altcoins in aggregate saw their first week of inflows totaling US$33m, following 4 consecutive weeks of outflows totaling US$1.7bn. The key beneficiaries being Ethereum, Solana, XRP and Sui, with inflows of US$14.5m, US$7.8m, US$4.8m and US$4.0m respectively.”

Regionally, the US led the world with $204 million in inflows. Switzerland and Germany also pitched in $14.7 and $9.2 million in inflows, respectively.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A memecoin creator notorious for being involved with several controversial projects is continuing to dump his coins even after a 95% drop.

New data from the blockchain tracking firm Bubblemaps is shedding light on on-chain activity of Hayden Davis, who admitted to having a role in both Libra (LIBRA), a memecoin originally backed by Argentinian President Javier Milei before he quickly disavowed it, and Melania Meme (MELANIA), a coin inspired by Melania Trump.

MELANIA began a steep descent the very day it was launched in January and is now down 95.3%.

Says Bubblemaps,

“Hayden Davis is STILL selling MELANIA

He recently sent $1 million to exchanges and extracted over $2 million from the liquidity pools…

For weeks, his MELANIA wallets were inactive – until now…

In total, Hayden sent $1,065,153 worth of MELANIA to centralized exchanges and extracted $2,050,666 from the liquidity pool over the last 14 days.

And many wallets haven’t sold yet.

Why act now?

Hayden may have seen the recent drop in attention as a window to quietly move funds while fewer people were watching

We’ll keep monitoring for further activity.”

At time of writing, MELANIA is trading for $0.615.

Argentinian authorities are reportedly attempting to have Davis arrested by Interpol for his role in LIBRA.

Says prosecutor Gregorio Dalbón,

“I’m here to request the immediate detention of Hayden Mark Davis, a citizen of the United States, who is accused of being one of the principal actors behind the launch of the cryptocurrency LIBRA…

The possibility that Davis will abandon his country of residence or hide to avoid answering for his alleged acts appears to be aggravated by the economic resources he possesses, which he can use to move or remain in hiding, hindering our investigation.”

President Milei quickly disavowed LIBRA, claiming that he was tricked into supporting its launch.

Said Milei in Spanish,

“I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).

To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the a**.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Digital asset management giant Grayscale hopes to launch an Avalanche (AVAX) exchange-traded fund (ETF) in the US.

The Nasdaq Stock Market submitted a proposal this week to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale Avalanche Trust, which would be entirely tied to the price of the layer-1 project’s native asset, AVAX.

Grayscale isn’t the first financial giant to file for an Avalanche ETF. Documents submitted to the state of Delaware earlier this month suggest VanEck also hopes to launch a fund tied to the Ethereum (ETH) rival.

Coinbase Custody will serve as the custodian for Grayscale’s Avalanche ETF if it’s approved. The crypto asset manager also hopes to launch funds tied to Cardano (ADA), Solana (SOL), XRP and Hedera (HBAR).

The SEC greenlit the first spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum ETFs for trading last July.

Two financial firms, Franklin Templeton and Hashdex, also launched joint BTC-ETH ETFs earlier this year.

AVAX is trading at $20.36 at time of writing. The 17th-ranked crypto asset by market cap is down nearly 8% in the past 24 hours.

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