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Solana Funds Outshined Bitcoin Last Week Amid Down Market
Crypto funds focused on Solana’s SOL token garnered almost $50 million of inflows last week, while bitcoin funds brought in a “paltry” $200,000.
Investors pumped money into cryptocurrency funds last week as digital-asset markets pulled back from recent highs.
Overall, crypto funds brought in $57 million in new money in the seven days through Friday, the fourth straight week of inflows, according to a report Monday by the digital-asset manager CoinShares.
STORY CONTINUES BELOW
Almost $50 million went into Solana-focused funds, according to the report, while a “paltry” $200,000 went into bitcoin funds. Ethereum funds saw minor outflows totaling $6.3 million.
“The trend of diversification remains intact among investors,” CoinShares said.
Funds focused on Cardano’s ADA token netted inflows of $3.5 million, while XRP funds brought in $3.1 million and Polkadot funds got $1.7 million of new investments.
Multi-asset crypto funds brought in $3.2 million.
Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
