{"id":149836,"date":"2023-09-05T07:20:04","date_gmt":"2023-09-05T01:50:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=149836"},"modified":"2023-09-05T07:20:04","modified_gmt":"2023-09-05T01:50:04","slug":"solana-ytd-inflows-suggest-its-the-most-loved-altcoin-coinshares-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/solana-ytd-inflows-suggest-its-the-most-loved-altcoin-coinshares-crypto-news\/","title":{"rendered":"Solana YTD inflows suggest it\u2019s the ‘most loved altcoin\u2019 \u2014 CoinShares – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Solana (SOL<\/a>) investment products clocked $26 million worth of inflows since the start of 2023, outpacing all other altcoins including Ether (ETH<\/a>), suggesting it’s the \u201cmost loved altcoin amongst investors\u201d according to CoinShares.<\/p>\n

In a Sep. 4 Digital Asset Fund Flows weekly\u00a0report<\/a>,\u00a0CoinShares’ head of research James Butterfill\u00a0noted that trading volumes for crypto investment products for the week ending Sep. 1 were 90% above the year-to-date average \u2014 with crypto product outflows dropping to $11.2 million.<\/p>\n

It marks a seven-week run of negative sentiment that\u2019s seen $342 million leave crypto products over that time but YTD, investment products remain net inflow positive at $165 million.<\/p>\n

Crypto investment products have mostly seen outflows over the past seven weeks. Source: CoinShares<\/em><\/figcaption><\/figure>\n

The outflows haven\u2019t affected Solana products however, which saw weekly inflows of $700,000 \u2014 the ninth straight week in a row with inflows of $14.1 million over that time and YTD inflows of $26 million.<\/p>\n

Weekly fund flows show positive inflows to Bitcoin and Solana for the week ending Friday, Sep. 1. Source: CoinShares<\/em><\/figcaption><\/figure>\n

Bitcoin (BTC<\/a>) products were the only other asset to see weekly inflows, totaling $3.8 million, while Short BTC, Polygon (MATIC<\/a>) and ETH products all recorded weekly outflows.<\/p>\n

SOL\u2019s price since Jan. 1 has traded mostly sideways. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n

Solana\u2019s inflows come amid a streak of recent positive developments related to the network.<\/p>\n

On Sep. 1, MakerDAO co-founder Rune Christensen submitted a proposal<\/a>\u00a0to build the project\u2019s upcoming native chain off a fork of Solana\u2019s codebase, despite its long-held ties to Ethereum.<\/p>\n

Related: <\/em><\/strong>Bitcoin ETF applications: Who is filing and when the SEC may decide<\/em><\/strong><\/a><\/p>\n

On Aug. 23 it was reported that Shopify added the Solana-based payment network Solana Pay to its payment options<\/a> \u2014 starting with the stablecoin USD Coin (USDC<\/a>).\u00a0<\/p>\n

The Solana network has also seen some\u00a0performance and reliability improvements<\/a>, with only one outage in 2023 so far.<\/p>\n

SOL\u2019s 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<\/a>.<\/p>\n

However, SOL is down 92.5% from its November 2021 all-time high of nearly $260.<\/p>\n

Magazine: <\/em><\/strong>BitCulture: Fine art on Solana, AI music, podcast + book reviews<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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 \u201cmost loved altcoin amongst investors\u201d according to CoinShares. In a Sep. 4 Digital Asset Fund Flows weekly\u00a0report,\u00a0CoinShares’ head of research James Butterfill\u00a0noted that trading volumes for crypto investment products for […]<\/p>\n","protected":false},"author":2,"featured_media":149837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-149836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149836"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149836\/revisions"}],"predecessor-version":[{"id":149839,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149836\/revisions\/149839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/149837"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}