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Solana Funds See Record-Breaking Amount of Weekly Inflows

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Tue, 03/29/2022 - 08:34
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Alex Dovbnya
Solana-based institutional investment products ruled the roost during the previous week, attracting a record-breaking amount of inflows
Solana Funds See Record-Breaking Amount of Weekly Inflows
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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.

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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.