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Solana Funds Outshined Bitcoin Last Week Amid Down Market
Crypto funds focused on Solana’s SOL token garnered almost $50 million of inflows last week, while bitcoin funds brought in a “paltry” $200,000.
Updated May 11, 2023, 3:48 p.m. Published Sep 13, 2021, 6:26 p.m.
Investors pumped money into cryptocurrency funds last week as digital-asset markets pulled back from recent highs.
Overall, crypto funds brought in $57 million in new money in the seven days through Friday, the fourth straight week of inflows, according to a report Monday by the digital-asset manager CoinShares.
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Almost $50 million went into Solana-focused funds, according to the report, while a “paltry” $200,000 went into bitcoin funds. Ethereum funds saw minor outflows totaling $6.3 million.
“The trend of diversification remains intact among investors,” CoinShares said.
Funds focused on Cardano’s ADA token netted inflows of $3.5 million, while XRP funds brought in $3.1 million and Polkadot funds got $1.7 million of new investments.
Multi-asset crypto funds brought in $3.2 million.
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