Institutional investors have invested in Solana-focused investment products for the 27th week so far this year, with digital asset investment products recording inflows for the first time in six weeks over the past week, to the tune of 21 million of dollars.
According to the latest CoinShares digital asset fund flows reportCapital inflows over the past week came near the end as a result of a "combination of positive price momentum, fears about U.S. government debt pricing, and the recent quagmire over government financing," according to James Butterfill of CoinShares.
However, trading volumes for cryptocurrency investment products have remained โseasonally low,โ as has been the case in the broader cryptocurrency market. Over the past week, Bitcoin investment products saw inflows of $20.4 million after seeing more than $100 million in outflows last month.
While CoinShares notes that โvery little activity was seen in the altcoin space,โ Solana has continued to shine with inflows of $5 million, marking its 27th week of inflows and just four weeks of outflows this year.
The second-largest cryptocurrency by market cap, Ethereum ($ETH), saw outflows of $1.5 million over the past week, while products focused on multiple cryptocurrencies saw outflows of $1.4 million. So far this year, Ethereum has seen outflows of $114 million, and multi-asset products have seen outflows of $27 million, compared to Solana's inflows of $31 million.
As CryptoGlobe reported, Real Vision founder and former Goldman Sachs executive Raoul Pal recently expressed his bullish stance on Solanadescribing it as one of the most promising projects outside of Ethereum.
During an interview, Pal praised Solana co-founder Anatoly Yakovenko and highlighted the growing developer community and public awareness of blockchain.
The former Goldman Sachs executive said Anatoly Yakovenko, commonly known as Toly, is emerging as a major thought leader in the cryptocurrency space. Pal appreciates Yakovenko's open-mindedness and claims that he builds bridges rather than destroying them. Pal believes Yakovenko's leadership style positively represents the Solana ecosystem.
Furthermore, he noted that the Solana developer community is committed to the development of the network and has been developing its ecosystem and technology, while adding that Solana has gained significant public awareness, a crucial factor for its growth and adoption.
Last month, global payments giant Visa announced it was โexpanding its stablecoin settlement capabilities to the high-performance Solana blockchain.โ The move prompted Visa to support Solana-based USDC transactions.
Featured image via unpack.
