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Solana (SOL) Kept Investors' Interest Last Week, Fund Flows Resume

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Mon, 6/03/2023 - 14:56
Solana (SOL) Kept Investors' Interest Last Week, Fund Flows Resume
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According to the latest CoinShares weekly report, the volume of inflows from Solana-focused investment products (SOL) amounted to $340,000 in the past week. In total, inflows into such funds have grown by $5 million since the start of the year, more than any other altcoin except Ethereum (ETH).

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The Solana token remains one of the assets firmly holding the attention of this type of investor. Thus, despite problems following the collapse of FTX, the Silicon Valley-born blockchain was the subject of bets from traditional investors even before the latest market rally. For comparison, the volume of investments in exchange-traded products, focused on Solana, suffered the least damage in 2022, dropping by less than 50%.

Poor sentiment

Most interestingly, Solana managed to maintain a positive fund flow balance, despite the fact that the week was characterized by significant outflows from other crypto-oriented investment products. As CoinShares analyst James Butterfill argues, investors are concerned about regulatory uncertainty surrounding cryptocurrencies and, therefore, sentiment is poor.

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With the Bitcoin price falling by 4.77%, the net weekly outflow from such ETPs was $17 million. Most of the outflows came directly from BTC itself, $20.1 million. At the same time, $1.8 million flowed into the Short Bitcoin ETP last week, bringing the year-to-date figure to $50 million. Also eloquent is the $400,000 outflow from BNB-oriented investment products, amid problems and FUD surrounding Binance.

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