It has been just revealed that the inflow of Solana investment products has exploded. Check out the latest reports about this below.
SOL in the news
According to CoinShares’ latest report, asset managers including CoinShares, Grayscale, 21Shares, Bitwise, and ProShares recorded inflows for digital-asset investment products for the second week in a row, adding a total of $78 million.
Solana and Bitcoin funds led the way, with Solana investment products experiencing their largest inflows since March 2022, adding $24 million.
James Butterfill, Head of Research at CoinShares, wrote that Solana is “continuing to assert itself as the altcoin of choice,” especially given the recent launch of ether futures ETF products.
Solana funds have recorded inflows in 28 weeks this year, with only four weeks of outflows in 2023. Bitcoin had the highest overall inflows, with an addition of $43 million.
However, some investors who capitalized on recent price gains began to add short-bitcoin product positions, resulting in inflows of $1.2 million during the same period.
Last week, there was an increase in Europe’s inflows, accounting for 90% of the total inflows, while the United States and Canada accounted for just $9 million of the inflows combined.
This suggests a divergence in sentiment, according to Butterfill.
Trading volumes for exchange-traded products increased by 37%, reaching $1.13 billion for the week, and bitcoin volume on trusted exchanges saw a 16% rise.
The launch of six ether futures ETFs in the U.S. attracted just under $10 million, indicating a “tepid appetite,” according to Butterfill.
This is in contrast to the $1 billion that bitcoin futures ETFs attracted in their first week in 2021, albeit in a very different market environment.
“It is likely due to poor investor appetite for digital assets at present, and unfair to compare to the bitcoin futures ETF launches in October 2021, as appetite was much higher for the asset class overall,” Butterfill said as quoted by the online publication The Block.
