Solana’s Resilience in a Downturn
During a market downturn, Solana (SOL) remained strong among institutional investors.
Solana marks a streak of 9 weeks of inflows, totaling $0.7 million.
In a week marked by dwindling interest in digital asset investments, Solana (SOL) has defied the trend, emerging as the preferred choice for institutional investors. CoinShares, a prominent European cryptocurrency management platform, released its latest report, highlighting the remarkable resilience of Solana in the face of a market-wide slowdown.
Market-Wide Cooling-Off Period
During this cooling-off period, digital asset investment products experienced relatively minor outflows totaling $11.2 million. This seven-week streak of negative sentiment now accumulates to a total outflow of $342 million. Notably, overall outflows of $8.6 million and $3.2 million were observed in Polygon and Ethereum, respectively.
Solana (SOL) Shines with Institutional Inflows
Currently, Solana is the star of the altcoin arena. CoinShares’ report reveals that despite the withdrawal of funds by prominent cryptocurrency investors from other altcoins, Solana continues to attract significant institutional interest.
Last week alone, $700,000 was invested in SOL through cryptocurrency investment providers, making it the “most loved altcoin among investors” at the moment. This surge in interest has not gone unnoticed, as Solana products experienced weekly inflows of $700,000, marking the ninth consecutive week of inflows. Over this nine-week period, Solana saw a total of $14.1 million in inflows, contributing to year-to-date inflows of $26 million.
At the time of writing, Solana was trading at $19.28, marking a decrease of 1.96% in the last 24 hours. Still, the daily trading volume for SOL surged by over 18%, reaching $215 million.
Further, Bitcoin (BTC) products were the other sole assets to witness weekly inflows, amounting to $3.8 million. Also, the overall sentiment appeared lackluster, trading volumes bucked the trend, surging to $2.8 billion for the week, marking a significant 90% increase above the year-to-date average.
