Solana YTD inflows suggest it’s the ‘most loved altcoin’ — CoinShares
Solana (SOL) investment products clocked $26 million worth of inflows since the start of 2023, outpacing all other altcoins including Ether (ETH), suggesting it’s the “most loved altcoin amongst investors” according to CoinShares.
In a Sep. 4 Digital Asset Fund Flows weekly report, CoinShares’ head of research James Butterfill noted that trading volumes for crypto investment products for the week ending Sep. 1 were 90% above the year-to-date average — with crypto product outflows dropping to $11.2 million.
It marks a seven-week run of negative sentiment that’s seen $342 million leave crypto products over that time but YTD, investment products remain net inflow positive at $165 million.
The outflows haven’t affected Solana products however, which saw weekly inflows of $700,000 — the ninth straight week in a row with inflows of $14.1 million over that time and YTD inflows of $26 million.
Solana’s inflows come amid a streak of recent positive developments related to the network.
On Sep. 1, MakerDAO co-founder Rune Christensen submitted a proposal to build the project’s upcoming native chain off a fork of Solana’s codebase, despite its long-held ties to Ethereum.
The Solana network has also seen some performance and reliability improvements, with only one outage in 2023 so far.
SOL’s price is up around 95.5% YTD but has traded mostly sideways around $20 to $25 since mid-January. It was trading at around $19.5 as of 12 am UTC Sep. 5 according to Cointelegraph data.
However, SOL is down 92.5% from its November 2021 all-time high of nearly $260.