James Butterfill, Investment Strategist at London-based CoinShares, a digital asset manager focused on expanding access to the cryptocurrency ecosystem while serving as a “trusted partner” for its clients, notes in a blog post published on Monday (September 13) that for the week ending September 10, 2021, Solana (SOL) “remains a favorite among investors with inflows of almost $50 million.”
As previously reported, Solana is a public or permissionless blockchain platform. It’s open-source and decentralized, with consensus achieved via proof of stake (PoS) and proof of history. Solana may support peer-to-peer (P2P) transfers with its native crypto token, SOL, and “claims to support 50,000 transactions per second.”
The report from CoinShares also mentioned that digital asset investment products “saw inflows totaling $57 million last week, posting their 4th week of inflows.”
The report added:
“During last week’s price falls Solana’s price was a stalwart, outperforming a basket of the top 10 digital assets by 34%,having risen 24% week-on-week. This was reflected with inflows, dwarfing any other digital asset, totalling almost $50 million.”
Meanwhile, Bitcoin (BTC) “remained flat for the week with a paltry $0.2 million of inflows, while Ethereum (ETH) saw minor outflows totaling $6.3 million.”
Digital asset investment products “saw inflows totaling $57 million last week, posting their 4th week of inflows.” And volumes in investment products have now “risen 143% since their lows in early July to US$3.8 billion,” the report revealed while adding that this rise in volumes and inflows “indicates investors are now beginning to be more active following the seasonal summer doldrums.”
As stated in the CoinShares report:
“During last week’s price falls Solana’s price was a stalwart, outperforming a basket of the top 10 digital assets by 34%,having risen 24% week-on-week. This was reflected with inflows, dwarfing any other digital asset, totaling almostUS$50m. A combination of price appreciation and inflows now brings Solana’s assets under management (AuM)toUS$97m, the 5th largest of all investment products.”
The report also confirmed that the trend of “diversification” is still intact among investors, with inflows into Cardano (ADA), multi-asset, XRP and Polkadot totaling $3.5 million, $3.2 million, $3.1 million and $1.7 million respectively.
