Solana Remains Investor Favorite As Global Crypto Funds Gain $ 57 Million Inflows
NEW DELHI: Global crypto funds recorded fourth consecutive week of influx last week, attracting $ 57 million, with cryptocurrency Solana alone pocketing $ 50 million, digital asset manager CoinShares said .
A combination of price appreciation and influx 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 capitalization of around $ 50 billion. According to CoinMarketCap.com, Solana is a highly functional open source project that leverages the unlicensed nature of blockchain technology to provide decentralized finance (DeFi) solutions.
Over the past year, crypto assets have jumped by around 5,000% against 350% gains in Bitcoin.
Last week, when Bitcoin fell to a low of $ 44,196 from a high of $ 52,849, Solana posted gains of 24% on a weekly basis.
For the week, Bitcoin funds remained stable with paltry inflows of $ 0.2 million, while Ethereum recorded minor outflows totaling $ 6.3 million. For the week ending September 3, Bitcoin had broken the eighth consecutive week of releases.
“Investment product volumes are now up 143% from their low in early July at $ 3.8 billion. This increase in volumes and inflows indicates that investors are now starting to be more active after the seasonal summer slump, ”CoinShares wrote in a blog on Medium, an online publishing platform.
The trend towards diversification remains intact among investors, with entries in Cardano, multi-asset, Ripple and Polkadot totaling $ 3.5 million, $ 3.2 million, $ 3.1 million and 1, respectively. $ 7 million.
In terms of crypto fund providers, the world’s largest digital asset manager, Grayscale, held steady with AUM total of $ 41.84 billion, followed by CoinShares at $ 4.48 billion and 3iQ. with an AUM of $ 2.15 billion.
Bitcoin funds were the largest in terms of assets with $ 37.22 billion AUM, followed by Ethereum at $ 14.91 billion and multi-asset funds at $ 3.36 billion.
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