Leading asset management firm Bitwise has sparked discussions after buying heavily into Solana despite the slow momentum in the Solana ETF market.
Latest data from Arkham Intelligence shows that the firm has made the purchase after its fund saw a steady flow of fresh capital over the past month.
Solana sees rising institutional interest
With the broad crypto market consistently facing market volatility, it appears that institutional investors are utilizing the recent weakness in Solana's price as an entry point to access the Solana investment product.
Notably, the data shows that Bitwise has bought a massive $107.4 million of SOL after its Solana ETF recorded steady modest inflows over the last 20 trading sessions.
Although the fund did not see a complete stretch of steady inflows all month, only two of those sessions saw outflows. As such, the Bitwise Solana ETF saw positive flows on most trading days during the period.
Bitwise's Solana holdings near $1 billion
Following this substantial Solana purchase, the asset management firm is approaching a major milestone in its Solana holdings as institutions continue to demand its product.
Further data shows that the recent purchases have boosted Bitwise's holdings while expanding its Solana exposure. As of Thursday, September 10, Bitwise now holds over 9,030,000 SOL.
Per Solana's current trading price of around $101, the Bitwise Solana holdings are currently worth about $918 million, suggesting that it may soon reach a massive $1 billion milestone in its Solana holdings.
U.Today Editorial Team
Dan Burgin
