cryptoglobe.com
Cryptocurrency investment products saw record weekly inflows of $2.7 billion over the past week, with Bitcoin ($BTC) and Solana ($SOL) investment products seeing more inflows than others, while Ethereum ($ETH) products saw outflows of $2.1 million.
According to CoinShares’ latest Digital Asset Fund Flows report, Bitcoin investment products saw inflows of $2.63 billion over the past week, while Solana-focused investment products saw $23.6 million of inflows, towering above products offering exposure to other altcoins.
The report details that products offering exposure to multiple cryptocurrencies saw $3.2 million of inflows, while products focusing on Polkadot ($DOT) saw $2.7 million, a figure above the $1.5 million for products focusing on $XRP and the $800,000 for products focusing on Cardano ($ADA).
The $2.7 billion of inflows seen last year bring total year-to-date inflows to $10.3 billion, which according to the firm coms “just shy” of the $10.6 billion record inflows seen for the whole of 2021, when Bitcoin’s price hit its high near $69,000.
Bitcoin’s price has been surging this year fueled by demand from spot Bitcoin exchange-traded funds (ETFs), to the point it’s up over 70% year-to-date and hit a new all-time high above $72,000.
The Solana network, which saw more inflows than other altcoins last week, has recently seen its price hit a 22-month high amid a wider cryptocurrency market rally. Over the past year, the cryptocurrency’s price surged by an impressive 480%.
Earlier this year, Solana experienced a significant outage, going offline for approximately five hours before validators managed to restart the cluster and resume block production. This was the network’s first major outage of the year, with the last one occurring in February 2023.
Solana’s price has been surging as it recovers from the collapse of the FTX exchange, which, before collapsing, was a heavy supporter of the network’s ecosystem and invested in a number of tokens on the network, including SOL.
The collapse affected Solana by association, but the network has been steadily recovering to now have over $3.2 billion in total value locked (TVL) on its decentralized finance ecosystem, up from $230 million at the beginning of 2023.
Featured image via Pixabay.