Main navigation

Solana (SOL) Attracts Fund Flows Second Week Straight for First Time Since FTX Collapse

Mon, 12/05/2022 - 15:44
article image
Gamza Khanzadaev
SOL sparks investors' interest as this funds flows data shows
Solana (SOL) Attracts Fund Flows Second Week Straight for First Time Since FTX Collapse
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

According to a fresh fund flow report from CoinShares, Solana-focused investment products attracted $200,000 last week, posting its second consecutive positive weekly result. The achievement came for the first time since the collapse of FTX, during which, in addition to a massive sell-off on the secondary crypto market, there was an exodus of funds from such investment products.

In addition, there were inflows into Bitcoin (BTC)-oriented products, plus $10.8 million, as well as Polygon (MATIC), where the result was $300,000. For the entire market of crypto-oriented investment products; however, the week ended with a massive outflow of $7.5 million.

On a positive note, the biggest outflows came from funds betting on a decline in the value of BTC. In addition, large volumes exited Ethereum-oriented products, which CoinShares analysts link with the uncertainty surrounding the unlocking of tokens from staking.

Solana Killer Aptos (APT) Surges 27%, Here's What May Have Caused It

Solana (SOL) price action

Despite small but still positive signs on Solana-focused investment products, things were even less dynamic on SOL quotations. Thus, the spread between the high and low of the SOL price in the previous week was just over $1.5, which is less than 10% of the token's price now.

Source: TradingView

On the other hand, the Solana token quotes have at least stopped their fall, which may give time to reflect on the future of the project.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.