Cryptocurrency investment products focusing on the smart contract platform Solana ($SOL), Ethereum ($ETH) rival whose performance was negatively affected by the collapse of FTX, have been seeing significant inflows so far this year, and recently recorded its ninth consecutive week of inflows.<\/p>\n
According to CoinShares\u2019 latest Digital Asset Fund Flows weekly report, in a week in which cryptocurrency investment products saw outflows totaling $11.2 million and in which trading volumes surge to $2.8 billion for the week \u2013 a figure 90% above the average for this year \u2013 major altcoins saw outflows.<\/p>\n
Per the firm, Polygon ($MATIC) and Ethereum saw $8.6 million and $3.2 million of outflows respectively, while Solana saw $700,000 in inflows to bring its total inflows this year to $26 million, suggesting it\u2019s \u201cthe most loved altcoin amongst investors at present.\u201d<\/p>\n
Bitcoin, according to the report, saw inflows of $3.8 million over the past week, while products shorting BTC saw their nineteenth consecutive week of outflows totaling $3.3 million, with their assets under management having fallen 48% from the top seen this year.<\/p>\n
Last month, Solana\u2019s price rose to the point it managed to briefly overtake the meme-inspired cryptocurrency Dogecoin ($DOGE) as the eighth largest digital asset by market capitalization. \u00a0Analysts have nevertheless been bullish on the cryptocurrency space, with specific price predictions being made for SOL.<\/p>\n
As reported Benjamin Cowen, a popular cryptocurrency influencer with a following of over 780,000 people on the Google-owned video-sharing platform YouTube, has recently shared\u00a0insight into the trajectory of Solana, saying it could make a significant turnaround in a way similar to what Cardano ($ADA) did during the previous bear market.<\/p>\n
Solana\u2019s price was negatively impacted by the collapse of FTX, as the exchange\u2019s founder Sam Bankman-Fried, who is accused of wire fraud, securities fraud, conspiracy and campaign finance violations, was a major supporter and investor of Solana.<\/p>\n