Solana continues to be an investor favourite as global crypto funds receive inflows of $57 million
Crypto Pirates
English - September 14, 2021 22:12 - 3 minutes - 7.01 MBTechnology Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Solana is a highly functional open-source project that leverages the permission-less nature of blockchain technology to create DeFi solutions. Over the last year, the cryptocurrency has increased by about 5000 percent.
Global cryptocurrency funds experienced their fourth consecutive week of inflows last week, with cryptocurrency Solana alone attracting $50 million, according to digital asset management CoinShares.
Due to price appreciation and inflows, Solana's assets under management (AUM) have increased to $97 million, making it the sixth largest investment product.
Solana is one of the world's top ten crypto assets, with a market value of over $50 billion. Solana, according to CoinMarketCap.com, is a highly functional open-source project that leverages the permission-less aspect of blockchain technology to create decentralised finance (DeFi) solutions.
Over the last year, the crypto asset has increased by nearly 5000 percent, compared to Bitcoin's 350 percent growth.
When Bitcoin fell to a low of $44,196 from a high of $52,849 last week, Solana gained 24 percent on a weekly basis.
Bitcoin funds stayed unchanged during the week, with inflows totalling only $0.2 million, while Ethereum experienced slight outflows of $6.3 million. Bitcoin had its ninth consecutive week of outflows during the week ended 3 September.
“Investment product volumes have already increased 143 percent to $3.8 billion from their lows in early July. This increase in volumes and inflows implies that investors are reviving their activity following the seasonal summer doldrums," CoinShares noted in a Medium blog post.
Diversification continues to be a trend among investors, with inflows of $3.5 million, $3.2 million, $3.1 million, and $1.7 million into Cardano, multi-asset, Ripple, and Polkadot, respectively.
Grayscale, the world's largest digital asset management, maintained its position as the market leader with a total AUM of $41.84 billion, followed by CoinShares at $4.48 billion and 3iQ at $2.15 billion.
Bitcoin funds were the largest in terms of assets under management, with a combined AUM of $37.22 billion, followed by Ethereum funds with a combined AUM of $14.91 billion and multi-asset funds with a combined AUM of $3.36 billion.