Bitcoin and Solana Drive Record $2.7 Billion Into Crypto Investment Products in Just One Week

Investment products for cryptocurrencies like Bitcoin ($BTC) and Solana ($SOL) attracted the most weekly inflows of $2.7 billion, while products for Ethereum ($ETH) lost $2.1 million.

The most recent data from CoinShares’ Digital Asset Fund Flows division shows that investment products centered on Solana received $23.6 million in inflows last week, far outpacing products that offered exposure to other altcoins, with $2.63 billion going to Bitcoin investment products.

The study states that investments in products that provide exposure to several cryptocurrencies totaled $3.2 million, with $2.7 million going to Polkadot ($DOT), $1.5 million to XRP and $800,000 to Cardano ($ADA), respectively.

The business reports that the entire year-to-date inflows of $10.3 billion are “barely short” of the $10.6 billion record inflows saw for all of 2021, when Bitcoin’s price reached its peak at $69,000, thanks to $2.7 billion of inflows recorded last year.

The demand from spot Bitcoin exchange-traded funds (ETFs) has been driving Bitcoin’s price higher this year, causing it to surge to an all-time high of over $72,000 and a 70% year-to-date increase.

The Solana network’s price reached a 22-month high lately as part of a broader cryptocurrency market rise; the network attracted more investors than other altcoins last week. The price of the cryptocurrency increased by a staggering 480% in the last 12 months.

Validators were able to restart the cluster and continue block production after Solana was out for around five hours earlier this year due to a major outage. With the last significant outage happening in February 2023, this marked the beginning of the year for the network.

As the FTX exchange, which had invested in many SOL tokens and was a strong advocate of the network’s ecosystem before its collapse, has begun to revive, the price of Solana has been rising sharply.

Although Solana was indirectly impacted by the crash, the network has been making steady progress in its recovery. As of the beginning of 2023, the network’s decentralized financial ecosystem had $230 million in total value locked (TVL), but today it has more than $3.2 billion.

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