Solana YTD inflows suggest it’s the ‘most loved altcoin’ — CoinShares

Solana (SOL) concern products clocked $26 cardinal worthy of inflows since the commencement of 2023, outpacing each different altcoins, including Ether (ETH), suggesting it’s the “most loved altcoin amongst investors” according to CoinShares.

In a Sept. 4 Digital Asset Fund Flows weekly report, CoinShares’ caput of research, James Butterfill, noted that trading volumes for crypto concern products for the week ending Sept. 1 were 90% supra the year-to-date mean — with crypto merchandise outflows dropping to $11.2 million.

It marks a seven-week tally of antagonistic sentiment that’s seen $342 cardinal permission crypto products implicit that clip but YTD, concern products stay nett inflow affirmative astatine $165 million.

Crypto concern products person mostly seen outflows implicit the past 7 weeks. Source: CoinShares

The outflows haven’t affected Solana products however, which saw play inflows of $700,000 — the ninth consecutive week successful a enactment with inflows of $14.1 cardinal implicit that clip and YTD inflows of $26 million.

Weekly money flows amusement affirmative inflows to Bitcoin and Solana for the week ending Friday, Sep. 1. Source: CoinShares

Bitcoin (BTC) products were the lone different plus to spot play inflows, totaling $3.8 million, portion Short BTC, Polygon (MATIC) and ETH products each recorded play outflows.

SOL’s terms since Jan. 1 has traded mostly sideways. Source: Cointelegraph

Solana’s inflows travel amid a streak of caller affirmative developments related to the network.

On Sept. 1, MakerDAO co-founder Rune Christensen submitted a proposal to physique the project’s upcoming autochthonal concatenation disconnected a fork of Solana’s codebase contempt its long-held ties to Ethereum.

Related: Bitcoin ETF applications: Who is filing and erstwhile the SEC whitethorn decide

On Aug. 23 it was reported that Shopify added the Solana-based outgo web Solana Pay to its outgo options — starting with the stablecoin USD Coin (USDC). 

The Solana web has besides seen some performance and reliability improvements, with lone 1 outage successful 2023 truthful far.

SOL’s terms is up astir 95.5% YTD but has traded mostly sideways astir $20 to $25 since mid-January. It was trading astatine astir $19.5 arsenic of 12 americium UTC Sept. 5, according to Cointelegraph data.

However, SOL is down 92.5% from its November 2021 all-time precocious of astir $260.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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