Solana leads institutional flows, with US$24 million in the last week

Last week was marked by significant movement in the cryptocurrency market. Investment products focused on digital assets registered a significant inflow, the largest since July, reaching the US$78 million mark. This growth was driven, in large part, by two protagonists: Bitcoin and Solana.

Solana, one of the altcoins that has attracted attention on the global stage, led the flows, with an investment of US$24 million in the last week. This value represents the largest flow into the currency since March this year. The growing interest in Solana can be attributed to its appreciation potential, which has been noted by investors looking for well-performing alternatives beyond Bitcoin.

Speaking of Bitcoin, the best-known cryptocurrency in the world was not left behind. It attracted investments of around US$43 million. However, it is interesting to note that while many see an opportunity for growth, other traders are taking a more cautious stance, increasing their short positions. This resulted in an investment of US$1.2 million in Bitcoin products sold.

Another highlight was the increase in trading volumes of crypto exchange-traded products (ETPs), which grew 37%, totaling US$1.13 billion for the week.

However, not all news was received with such enthusiasm. The six new Ethereum futures-based ETFs launched in the US last week have attracted less than $10 million. This number contrasts with the launch of futures-based Bitcoin ETFs, which reached the $1 billion mark in the first week, as pointed out by James Butterfill, head of research at CoinShares.

Finally, it is worth highlighting the regional divergence. Europe dominated the scene, accounting for 90% of total entries last week. On the other hand, inflows from the USA and Canada were more contained.

At the time of publication, the price of SOL was quoted at US$22.19, down 0.2% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.