Institutional inflows into digital asset investment products based on Solana spiked last week, particularly as these investment products saw a 7th consecutive week of inflows.
Digital asset investment products have had inflows since the end of September and throughout October, reflecting the bullish sentiment in the broader crypto market. As a result, inflows into Solana have increased steadily, and last week jumped by 15% compared to the week before.
Solana has been on an incredible run recently and has had one of the best price gains this month. Solana’s native token SOL has seen its price skyrocket over 160% in the past 30 days alone amidst the wider buying in the crypto industry. The crypto is up by 33% in a 7-day timeframe, despite the ongoing consolidation in Bitcoin, Ethereum, XRP, and a few other cryptocurrencies in the same timeframe.
According to CoinShares’s latest weekly report on digital asset funds, inflows into digital asset investment products did not mirror this consolidation, as inflows reached $293 million last week. Solana had around $12.4 million in inflows, up from $10.8 million the previous week. As a result, its year-to-date inflows have now crossed over $120 million.
On the broader end, total exchange-traded products have now crossed a historic $1 billion mark this year and are now at $1.14 billion. This was particularly fueled by inflows into Bitcoin investment products, which made up around 19% of the cryptocurrency’s total trading volume last week.
Bitcoin saw inflows totaling $240 million last week, pushing its year-to-date inflows to $1.08 billion. On the other hand, short-bitcoin saw $7 million in outflows, indicating an ongoing positive sentiment. Ethereum also witnessed an inflow of $49 million, while Litecoin and XRP had outflows of $0.3 million and $3.1 million, respectively.
Solana is now definitely on its way to the $100 mark, as shown by technical analysis and fundamental analysis of strong bullish price action and institutional inflows. Solana is now looking to shake off the deterrence from the FTX fiasco and is now up by more than 520% since the beginning of the year.
On-chain data also shows that Solana has grown its DeFi TVL by $136 million since the beginning of November. According to DeFiLlama, the total TVL on DeFi protocols based on Solana now sits at $546 million.
At the time of writing, Solana is trading at $58, still a long way from its all-time high of $260. However, SOL has been predicted to surge more than 80% in November. If the crypto’s momentum keeps accelerating at this pace, a return to the $100 price target seems well within reach.
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