Last week witnessed a sharp increase in institutional inflows into Solana-based digital asset investment products, especially as these products have had inflows for the past seven weeks.
Since the end of September and throughout October, investments in digital asset investment products have increased, indicating the optimistic sentiment in the larger cryptocurrency market. Consequently, Solana’s inflows have been rising significantly; last week saw a 15% rise over the previous week.
Institutional Inflows Rise in Solana
Solana has had one of the best price increases this month and has been on an amazing run lately. Amidst widespread purchases in the cryptocurrency market, the value of Solana’s native token, SOL, has increased by over 160% in only the last 30 days.
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Despite the continued consolidation in Bitcoin, Ethereum, XRP, and a few other cryptocurrencies during the same period, the cryptocurrency has increased by 33% in just seven days.
Inflows into digital asset investment products did not follow this trend, according to CoinShares’ most recent weekly report on digital asset funds, as inflows last week totaled $293 million.
Inflows into Solana increased to about $12.4 million from $10.8 million the week before. Its inflows for the year have thus far exceeded $120 million.
In general, the total value of exchange-traded goods has reached $1.14 billion, surpassing the historic $1 billion threshold this year. Inflows into Bitcoin investment products, which accounted for almost 19% of the cryptocurrency’s overall trading volume last week, were a major factor in this.
Bitcoin had $240 million in inflows last week, bringing its total inflows for the year to $1.08 billion. Conversely, withdrawals of $7 million from short bitcoin suggest that sentiment is still favourable. Additionally, $49 million came into Ethereum, whilst $0.3 million and $3.1 million left Litecoin and XRP, respectively.
Is SOL Going to $100?
Based on robust positive price action and institutional inflows, technical and fundamental research indicate that Solana is now unquestionably headed towards the $100 threshold.
Now that Solana has increased by more than 520% since the start of the year, it is trying to overcome the deterrent caused by the FTX debacle.
Additionally, according to on-chain statistics, Solana’s DeFi TVL has increased by $136 million since the start of November. The entire TVL on DeFi protocols based on Solana is currently $546 million, according to DeFiLlama.
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