Institutional investors have invested in Solana-focused investment products for the 27th week so far this year, with digital asset investment products seeing inflows for the first time in six weeks over the past week, to the tune of $21 million.
According to CoinShares’ latest Digital Asset Fund Flows report, inflows over the past week came near the end of it as a result of a “combination of positive price momentum, fears over US government debt prices and the recent quagmire over government funding,” according to CoinShares’ James Butterfill.
However, trading volumes for cryptocurrency investment products have remained “seasonally low,” as they have in the broader cryptocurrency market. Over the past week, Bitcoin investment products saw inflows of $20.4 million after seeing over $100 million of outflows last month.
While CoinShares notes that “very little activity was seen in the altcoin space,” Solana has kept shining with $5 million inflows, marking its 27th week of inflows and just four weeks of outflows this year.
The second-largest cryptocurrency by market capitalization, Ethereum ($ETH), saw outflows of $1.5 million over the past week, while products focusing on multiple cryptocurrencies saw $1.4 million of outflows. So far this year, Ethereum has seen $114 million of outflows, and multi-asset products saw $27 million of outflows, compared to Solana’s $31 million of inflows.
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As CryptoGlobe reported, the founder of Real Vision and former Goldman Sach executive Raoul Pal has recently expressed his bullish stance on Solana, describing it as one of the most promising projects outside of Ethereum.
During an interview, Pal praised Solana’s co-founder Anatoly Yakovenko and highlighted the blockchain’s growing developer community and public awareness.
The former Goldman Sach executive said Anatoly Yakovenko — commonly known as Toly — is emerging as an important thought leader in the cryptocurrency space. Pal appreciates Yakovenko’s open-minded approach, stating that he builds bridges rather than destroying them. Yakovenko’s leadership style, Pal believes, positively represents the Solana ecosystem.
He further noted that Solana’s developer community is engaged in developing the network and has been building out its ecosystem and technology while also adding that Solana has gained significant public awareness, a crucial factor for its growth and adoption.
Last month, global payments giant Visa announced it was “expanding its stablecoin settlement capabilities to the high-performing Solana blockchain.” The move saw Visa support Solana-based USDC transactions.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/10/solana-sol-continues-to-shine-with-27th-week-of-inflows-amid-crypto-market-turmoil/
