Solana is among the top 10 crypto assets in the world with a market capitalisation of about $50 billion. According to CoinMarketCap.com, Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions.
Over the last year, the crypto asset has surged around 5000% against 350% gains in Bitcoin.
Last week when Bitcoin slumped to a low of $44,196 from a high of $52,849, Solana logged gains of 24% on weekly basis.
For the week, Bitcoin funds remained flat with a paltry $0.2 million of inflows, while Ethereum saw minor outflows totalling $6.3 million. For the week ended 3 September, Bitcoin had snapped eighth straight week of outflows.
“Volumes in investment products have now risen 143% since their lows in early July to $3.8 billion. This rise in volumes and inflows indicates investors are now beginning to be more active following the seasonal summer doldrums," CoinShares wrote in a blog on Medium, an online publishing platform.
The trend of diversification remains intact amongst investors, with inflows into Cardano, multi-asset, Ripple and Polkadot, totalling $3.5 million, $3.2 million, $3.1 million, and $1.7 million, respectively.
In terms of crypto fund providers, the world’s biggest digital asset manager, Grayscale, remained steady with a total AUM of $41.84 billion, followed by CoinShares at $4.48 billion and 3iQ with an AUM of $2.15 billion.
Bitcoin funds were the biggest in terms of assets with an AUM of $37.22 billion, followed by Ethereum at $14.91 billion and multi-asset funds at $3.36 billion.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!