Investors have poured more than $135 million into Solana-focused investment products so far this year after the cryptocurrency’s price moved up nearly 500% as it recovered from the collapse of FTX.
According to CoinShares’ latest Digital Asset Fund Flows report, last week, cryptocurrency investment products saw a total of $176 million in inflows, in the continuation of a now eighth-week inflow run. While Bitcoin investment products took the lion’s share of the funds, with $154.7 million being invested in them, Solana stood out among the altcoins.
Solana-focused investment products saw $13.6 million of inflows last week, compared to $3.3 million for Ethereum investment products, $800,000 for Cardano (ADA) investment products and $500,000 for XRP-focused products.
Institutional investors are betting on Solana as it outperforms the wider cryptocurrency market, having surged nearly 500% so far this year and over 115% over the last 30-day period.
SOLUSD Chart via TradingView
Notably, investment products focusing on various digital currencies, which may offer investors broader exposure to the cryptocurrency space as a whole, saw $7.9 million of inflows over the past week, suggesting investors are looking to increase their exposure to the space.
As reported, a top cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000 has recently suggested that the price of Solana (SOL) could keep on soaring.
In a post shared on the microblogging platform X (formerly known as Twitter), a pseudonymous analyst going by Bluntz noted that Solana could soar an additional 22% from its current price level, based on his technical analysis.
Read the full article here