Solana Investment Products Outpace Other Altcoins with $26 Million Inflows


This article has been republished with permission from Binance News.

According to Cointelegraph, Solana (SOL) investment products have seen $26 million worth of inflows since the beginning of 2023, surpassing all other altcoins, including Ether (ETH). This suggests that Solana is the ‘most loved altcoin amongst investors,’ as reported by CoinShares in their Sep. 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 Sep. 1 were 90% above the year-to-date average, with crypto product outflows dropping to $11.2 million.

Despite a seven-week run of negative sentiment that has seen $342 million leave crypto products, year-to-date investment products remain net inflow positive at $165 million. Solana products have not been affected by the outflows, experiencing weekly inflows of $700,000 for the ninth consecutive week, totaling $14.1 million over that period and $26 million year-to-date.

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. Solana’s inflows come amid a series of recent positive developments related to the network. On Sep. 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. Additionally, on Aug. 23, Shopify added the Solana-based payment network Solana Pay to its payment options, starting with the stablecoin USD Coin (USDC). The Solana network has also seen performance and reliability improvements, with only one outage in 2023 so far. SOL’s price is up around 95.5% year-to-date but has traded mostly sideways around $20 to $25 since mid-January. As of 12 am UTC Sep. 5, it was trading at around $19.5, according to Cointelegraph data. However, SOL is down 92.5% from its November 2021 all-time high of nearly $260.

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