Solana’s Institutional Products Attract $2.3 Million as Bulls Eye SOL ETFs ⋆ ZyCrypto

As general sentiments soar, Solana’s institutional products have notched $2.4 million in inflows over the last seven days. Recent inflows into the asset funds follow anticipation for spot ETFs in the United States. Although regulatory uncertainty lies ahead due to the Securities and Exchange Commission’s (SEC) stance on the market, bulls remain optimistic.

Solana Funds Net Inflows

The positive price movement in the cryptocurrency space has seen mass adoption of institutional funds across several jurisdictions. A new CoinShares Digital Asset Fund Weekly report shows inflows into Bitcoin, Solana, and other altcoins. Total funds in the last seven days totaled $2.2 billion, with Bitcoin getting a larger market share.

This also spiked trading volumes, marking a 30% increase from the previous week. Solana, touted as an institutional investor favorite because of past consecutive inflows, saw its monthly gains soar to $7.2 million while year-to-date (YTD) movements stand at $58 million. Anticipation for spot ETF products in the United States has led to $1.2 billion in assets under management. 

The growth is due to the opening of an investment window attracting bulls. The SOL price also spiked along with its product in the same time frame. Solana trades at $165, a 2% increase in the last 24 hours, and posted a 5% growth last week. Uphill price movements were recorded across the board as Bitcoin rallied crypto assets.

Bitcoin Funds Soar 

Bitcoin recorded $2.1 billion in product inflows in the last seven days, signaling a bullish momentum. The growth of Bitcoin products comes as its price gained significantly in the same period. Furthermore, the upcoming United States election is seen as a major boost, with political parties rolling out plans for the crypto market. While the United States saw inflows, several jurisdictions picked up outflows, with investors taking out profits.

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“Regional flows paint a very polarised picture, with the US seeing US$2.3bn of inflows, while almost every other country saw minor outflows, most notable of which were Canada, Sweden, and Switzerland with US$20m, US$18m, and US$15m respectively. We believe this may be due to minor profit taking outside the US.”