Cryptocurrency investment products focusing on the smart contract platform Solana ($SOL), a rival to Ethereum ($ETH), have recorded their ninth consecutive week of inflows, according to CoinShares' latest Digital Asset Fund Flows weekly report. This comes despite the overall cryptocurrency market seeing outflows totaling $11.2 million and major altcoins experiencing outflows.
The report indicates that Polygon ($MATIC) and Ethereum saw outflows of $8.6 million and $3.2 million respectively, while Solana registered $700,000 in inflows. This brings Solana's total inflows for this year to $26 million, suggesting that it is currently the most favored altcoin among investors.
In contrast, Bitcoin saw inflows of $3.8 million over the past week, while products shorting BTC experienced their nineteenth consecutive week of outflows totaling $3.3 million. The assets under management for these products have fallen 48% from their peak this year.
Last month, Solana's price rose significantly, briefly overtaking meme-inspired cryptocurrency Dogecoin ($DOGE) to become the eighth largest digital asset by market capitalization. Despite Solana's performance being negatively affected by the collapse of FTX exchange - whose founder Sam Bankman-Fried, a major supporter and investor of Solana, is accused of wire fraud, securities fraud, conspiracy and campaign finance violations - analysts remain bullish on the cryptocurrency space.
Benjamin Cowen, a popular cryptocurrency influencer with a following of over 780,000 people on YouTube, recently shared insights into Solana's trajectory. He suggested that Solana could see a significant turnaround similar to what Cardano ($ADA) experienced during the previous bear market.
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