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Home >Markets >Cryptocurrency >Solana remains investor favourite as global crypto funds get $57 million inflows

NEW DELHI: Global crypto funds saw fourth straight week of inflows last week, attracting $57 million, with cryptocurrency Solana alone bagging $50 million, digital asset manager CoinShares said.

A combination of price appreciation and inflows has pushed Solana’s assets under management (AUM) to $97 million, the fifth largest of all investment products.

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.

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