Solana Investment Products Garner $26 Million in Inflows, Surpassing Other Altcoins
Summary:
Solana (SOL) investment products have attracted $26 million in inflows since the start of 2023, making it the most favored altcoin among investors, according to CoinShares. Coin product outflows have decreased, while Solana continues to see inflows and positive developments within the network. However, Solana's price has remained relatively stagnant since January.
Solana (SOL) investment products have attracted $26 million in inflows since the beginning of 2023, surpassing other altcoins like Ethereum and establishing itself as the "most favored altcoin among investors," as stated by CoinShares. In the Digital Asset Fund Flows weekly report released on September 4, James Butterfill, CoinShares' head of research, highlighted that trading volumes for crypto investment products were 90% above the year-to-date average for the week ending on September 1. Coin product outflows dropped to $11.2 million, marking a seven-week period of negative sentiment with $342 million leaving crypto products during that time. However, despite these outflows, Solana products maintain their popularity, with weekly inflows of $700,000. Solana has seen inflows for the past nine weeks, totaling $14.1 million over that period and $26 million year-to-date. Bitcoin (BTC) products were the only other assets to experience weekly inflows, with a total of $3.8 million. On the other hand, Short BTC, Polygon (MATIC), and Ether (ETH) products all experienced weekly outflows. Solana's recent success can be attributed to positive developments within the network, including a proposal by MakerDAO co-founder Rune Christensen to build the project's native chain using Solana's codebase. Shopify has also incorporated Solana Pay, the Solana-based payment network, into its payment options. Despite its achievements, Solana's price has mainly traded sideways between $20 and $25 since mid-January, with a 92.5% decrease from its all-time high in November 2021.
Published At
9/5/2023 1:23:40 AM
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