Solana’s Growing Attraction to Institutional Investors
Regardless of the cryptocurrency’s seemingly tough market, it continues to be appealing to investors, with past week being no exception. Solana (SOL) is in Second place, only behind Bitcoin, as for the inflows of investment products. According to a new CoinShares report on digital asset funds, these funds saw total inflows of $176 Million, with $155 Million going into Bitcoin. The last eight weeks have witnessed consistent influxes into cryptocurrencies. Simultaneously, underlining its growing probable, Solana’s Solana (SOL) token has gained over 465% in value, making it one of the most attractive propositions for institutional investors this year.
Solana (SOL) Continues to Make Waves
With institutional investors pumping over $135 Million into investment products tied to Solana (SOL) in 2021, the altcoin continues to ride the wave of success. Despite the fact that the height of inflows is yet to reach 2020 and 2021 levels, this year’s growth is showing Solana’s probable. CoinShares’ latest data shows Bitcoin (BTC) as the top pick, representing 3.4% of the total assets under management, while Ethereum (ETH), on the other side , has seen a fall in weekly inflows by 93.27%. On the other side, Solana (SOL) has seen its inflows increase by almost 10%, indicating a growing interest in the altcoin.
Factors Contributing to Inflow
Bitcoin’s surge is due in part to anticipation of the approval of a spot-based Bitcoin (BTC) ETF in the United States. Nonetheless, Solana’s recent impressive performance on TVL and a spike in SOL’s volume of trading on decentralized exchanges are likewise contributing factors. Further, data from DeFiLlama outlines a 77.62% increase in TVL on Solana (SOL) signaling impressive growth.
Amidst a tough digital currency market, Solana (SOL) has proven to be trending between institutional investors, surpassing major cryptocurrency assets. On-chain intelligence platform Messari indicates Solana’s position as the hub for Decentralized Physical Infrastructure Network (DePIN) projects. Solana (SOL) is as of now currently worth $56.27, and investors are eagerly waiting for a breakthrough over $60.
Hot Take: Solana (SOL) Continues to Shine regardless of Shaky Cryptocurrency Market
Solana’s growing popularity between institutional investors solidifies the altcoin’s position in the digital currency market. With impressive growth and widespread interest, SOL’s $56.27 price tag is ringing loudly across cryptocurrency markets with a probable breakthrough looming over $60.
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