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Solana Sees 7,600% Surge In Institutional Inflows, Here’s Why
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Solana Sees 7,600% Surge In Institutional Inflows, Here’s Why

Scott Matherson
Scott Matherson
9 months ago
3 mins read
Solana

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Solana price action might be trending downwards, but institutional investors are bucking the trend. This speck of positive Solana sentiment has come through an inflow report of digital asset investment report, with Solana coming up on top.

Digital asset investment products witnessed a cumulative outflow last week, especially as Bitcoin-based products failed to attract investor inflow. Particularly, data from CoinShares’s weekly report on digital asset fund flows noted a total outflow of $305 million last week, a vast difference from the $533 million registered in the previous week. Although the majority of outflow came through Bitcoin-based products, Solana managed to perform a 7,500% increase in inflows.

SOL Sees 7,600% Surge In Inflows

The digital asset investment landscape was marked by significant volatility in August. Last week’s cumulative outflows from the institutional niche highlighted the challenges faced by many cryptocurrencies. According to the most recent CoinShares report, Bitcoin can be credited with the lion’s share of the outflows, with the crypto’s products registering $319 million worth of outflows last week.

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Altcoins, on the other hand, displayed varying results last week. Ethereum, the leading altcoin, mirrored Bitcoin’s performance with an outflow of $5.7 million amidst a low trading volume week for Spot ETH ETFs. However, every other altcoin managed to attract institutional inflow last week in what could be a reflection of growing confidence.

Notably, Solana-based products topped the charts with $7.6 million worth of inflows, which is a vast increase from the $0.1 million it registered in the prior week. As such, the crypto managed to perform a 7,500% inflow increase. This positive momentum for SOL is particularly notable because it marks a reversal from the negative sentiment that started to rise in mid-August. Just two weeks ago, Solana experienced the most significant outflow on record to the tune of $39 million, making the recent inflows even more important.

Solana ETF Changing The Narrative

A large part of the shift in Solana sentiment can be attributed to some rumors surrounding the launch of Spot Solana ETFs in the US. After the successful launch of Spot Bitcoin and Ethereum ETFs, the crypto industry has naturally shifted focus to the potential of a Spot ETF for the next big altcoin, and Solana has come into the limelight. Interestingly, Spot Solana ETFs recently went live in Brazil and the South American market. The most recent approval was given to Hashdex, a Brazil-based asset manager with over $962 million in assets under management.

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Bitcoin Decline Not A Cause For Alarm, $100,000 Still In The Cards, Analyst Says

9 months ago

While applications for Spot Solana ETFs have yet to gain traction in the US, many market participants remain optimistic. One such voice of optimism is DeFi commentator @CryptoNobler. 

🚨 NASDAQ just secured approval for the $SOL ETF!

SEC no longer classifies $SOL as security, and BlackRock is already applying.

Solana bull run is about to ignite and many alts will skyrocket 1000x👇🧵 pic.twitter.com/XTWoFXecD3

— 0xNobler (@CryptoNobler) August 28, 2024

At the time of writing, Solana is trading at $134. Interestingly, the crypto trended downwards for the majority of the last seven days until it bounced up off a support level at $127 on September 2. Solana has now been up by 4.52% in the past 24 hours.

Solana price chart from Tradingview.com
SOL price loses $135 support | Source: SOLUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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