Solana Funds See Record-Breaking Amount of Weekly Inflows


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Alex Dovbnya

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Solana-based institutional investment products ruled the roost during the previous week, attracting a record-breaking amount of inflows

According to data provided by digital asset management firm CoinShares, Solana-based institutional investment products recorded a record-breaking $87 million worth of inflows during the previous week.

Solana
Image by coinmarketcap.com

Solana has now attracted a total of $241 million worth of assets under management, which makes it the fifth-most popular cryptocurrency with institutional investors.

Bitcoin funds saw $98 million worth of inflows, attracting the biggest share of investment capital.

Ethereum-linked investment products come in a distant third place with $10.2 million. Funds tied to Cardano and Polkadot brought in $1.8 million and 1.2 million worth of fresh funds, respectively.

Overall, $193 million were injected into all cryptocurrency funds last week, which marks the biggest amount of money since mid-December. The figure shows that institutional investors are regaining confidence in the crypto market, which has been caught in a bearish trend over the past several months. Last week, for comparison, crypto funds saw $47 million worth of outflows.

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XRP is the only cryptocurrency to record negative inflows over the last week, with investors withdrawing $1 million from funds tied to the controversial Ripple-affiliated cryptocurrency.

Europe accounted for the lion’s share of inflows (76%). American funds were responsible for the rest of the sum.

The overall amount of crypto under management currently stands at $57 billion, with Grayscale accounting for the vast majority of the sum.

Blockchain-related equities also followed the general trend, recording $23 million worth of inflows over the past week.

The whole cryptocurrency market is now in a recovery mood, with the price of Bitcoin recently reaching a multi-month high of $48,000.

Terra (LUNA) is leading the market with a 7.91% price increase over the last 24 hours.


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