Solana (SOL) investment products clocked $26 million worth of inflows since the start of 2023, outpacing all other altcoins, including Ether (ETH), suggesting it’s the “most loved altcoin amongst investors” according to CoinShares.
In a Sept. 4 Digital Asset Fund Flows weekly report, CoinShares’ head of research, James Butterfill, noted that trading volumes for crypto investment products for the week ending Sept. 1 were 90% above the year-to-date average — with crypto product outflows dropping to $11.2 million.
It marks a seven-week run of negative sentiment that’s seen $342 million leave crypto products over that time but YTD, investment products remain net inflow positive at $165 million.
Crypto investment products have mostly seen outflows over the past seven weeks. Source: CoinShares
The outflows haven’t affected Solana products however, which saw weekly inflows of $700,000 — the ninth straight week in a row with inflows of $14.1 million over that time and YTD inflows of $26 million.
Weekly fund flows show positive inflows to Bitcoin and Solana for the week ending Friday, Sep. 1. Source: CoinShares
Bitcoin (BTC) products were the only other asset to see weekly inflows, totaling $3.8 million, while Short BTC, Polygon (MATIC) and ETH products all recorded weekly outflows.
SOL’s price since Jan. 1 has traded mostly sideways. Source: Cointelegraph
Solana’s inflows come amid a streak of recent positive developments related to the network.
On Sept. 1, MakerDAO co-founder Rune Christensen submitted a proposal to build the project’s upcoming native chain off a fork of Solana’s codebase despite its long-held ties to Ethereum.
On Aug. 23 it was reported that Shopify added the Solana-based payment network Solana Pay to its payment options — starting with the stablecoin USD Coin (USDC).
SOL’s price is up around 95.5% YTD but has traded mostly sideways around $20 to $25 since mid-January. It was trading at around $19.5 as of 12 am UTC Sept. 5, according to Cointelegraph data.
However, SOL is down 92.5% from its November 2021 all-time high of nearly $260.
