Solana ETFs have seen seven straight days of inflows. This beats both Bitcoin and Ethereum, the top two crypto assets by market cap which have seen huge outflows over the same period. The trend suggests investors’ shifting interest towards Solana.
Key Takeaways:
- Solana ETFs have seen continuous inflow with no outflows in the last seven days, drawing attention.
- This is in sharp contrast to Bitcoin and Ethereum ETFs which have seen huge outflows over this period.
- The Solana inflows could be due to sudden investor interest due to recent happenings in the industry.
A crypto analyst shared data on the ETFs revealing that Solana ETFs have received $94 million this week and no outflow in the last seven days.
Ironically, SOL, the native Solana token is down 15% this week, suggesting that there is something else going on.
Smart Money Flowing into Solana
The crypto market crashed to unprecedented levels this week, with Bitcoin going under $100,000 for the first time since June.
Ethereum suffered a similar fate, with the price almost breaking below $3,000 before the rebound. Interestingly, the top two assets have lost $889M and $473M in outflows respectively this week.
Interestingly, SOL was one of the biggest losers in the crash, losing over 15% this week at the same time that the network has seen only inflows roughly a week after the first ETF was approved.
Such inflows could potentially strengthen Solana which will become evident in the price of SOL, at least eventually.
Solana’s Giant Strides Attracting Investors?
Solana is known for its exceptional speed and scalability. However, this is not sufficient to attract the kind of inflows being seen now.
Instead, there are other factors such as strategic partnerships and developments that have gained investors attention.
For example, Western Union recently chose the network to develop its blockchain infrastructure over Ripple, and Grayscale has waived staking fees for SOL, making the token more attractive.
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What do you think?
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