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Solana Funds See Record-Breaking Amount of Weekly Inflows

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Tue, 29/03/2022 - 8:34
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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.

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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.

cardOverall, $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.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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