According to CoinShares, since the beginning of 2023, inflows worth $26 million into Solana (SOL) investment products have surpassed all other altcoins, including Ethereum, indicating that it is “the favorite altcoin among investors.” “.
September 4th “Digital Asset Fund Weekly” ReportJames Butterfill, director of research at CoinShares, noted that in the week ended Sept. 1, trading volumes in crypto investment products were 90% higher than the year-to-date average, with outflows from crypto products falling to $11.2 million.
This marks seven straight weeks of negative sentiment, during which time crypto products have seen $342 million in outflows, but investment products have still seen net inflows of $165 million year-to-date.
However, the outflows did not affect the Solana product, which saw inflows of $700,000 a week, $14.1 million for the ninth straight week, 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 Ether (ETH) products all recorded weekly outflows.
Solana’s inflow of funds comes amid a string of recent positive developments for the network.
On Sept. 1, MakerDAO co-founder Rune Christensen submitted a proposal to leverage a fork of the Solana codebase to build the project’s upcoming native chain, despite its longstanding ties to ethereum.
On Aug. 23, it was reported that Shopify was adding Solana-based payment network Solana Pay to its payment options, starting with the stablecoin USD Coin (USDC).
There have also been some performance and reliability improvements to the Solana network, with only oe outages in 2023 so far.
related: Bitcoin ETF filings: Who’s filing and when the SEC will make a decision
The price of SOL has risen about 95.5% year-to-date, but has mostly traded sideways around $20-$25 since mid-January. It was trading at around $19.5 as of 12:00 UTC on Sept. 5, according to Cointelegraph data.
However, SOL is down 92.5% from its November 2021 all-time high near $260.
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