Solana (SOL) Makes a Comeback: $24M Inflows Signal Positive Momentum
Solana has been highly favored among altcoins, yet its reputation took a hit due to significant network outages. Despite the overall market surge and renewed investor confidence in 2024, inflows into digital asset investment products associated with Solana were not substantial.
However, there are signs of a gradual shift in this trend as Solana investment products gathered pace once again.
Solana Rebounds with $24M Inflows
According to CoinShares’s latest edition of the ‘Digital Asset Fund Flows Weekly Report,’ Solana attracted nearly $24 million in inflows over the past week after “enduring a bout of negative sentiment.”
In contrast, Ethereum, which has a stronger position in year-to-date inflows, saw minor outflows of $2.1 million last week. Other noteworthy inflows were observed in Polkadot, Fantom, Chainlink, and Uniswap, receiving $2.7 million, $2 million, $2 million, and $1.6 million, respectively, during the same period.
Zooming out, investment products focused on digital assets experienced record weekly inflows of $2.7 billion, pushing the year-to-date total to $10.3 billion, slightly below the record inflow of $10.6 billion seen in 2021.
Weekly trading turnover soared to $43 billion, surpassing the previous week’s record of $30 billion. The ongoing market rally propelled total assets under management (AuM) to a historic high of $94.4 billion. This essentially reflected a 14% increase over the past week and an 88% rise so far this year.
Meanwhile, CoinShares recorded minor outflows of $2.5 million were observed in blockchain equities.
Investors Continue to Favor Shorting Bitcoin
Bitcoin continued to attract investor attention, receiving inflows totaling $2.6 billion, bringing year-to-date inflows to 14% of the total AUM. Despite recent price increases, inflows into short bitcoin positions persisted, with an additional $11 million observed last week.
In terms of regions, the United States witnessed inflows of $2.8 billion, while Switzerland and Brazil trailed with inflows of $21 million and $18 million, respectively. On the other hand, Canada, Germany, and Switzerland experienced profit-taking, with outflows of $35 million, $77 million, and $39 million, respectively.
