Solana YTD inflows suggest it’s the ‘most loved altcoin’ — CoinShares

Solana YTD inflows suggest it’s the ‘most loved altcoin’ — CoinShares

Sept 04. 2024

By Jesse Coghlan

Solana has seen steady inflows over the last nine weeks, even as other crypto investment products have faced outflows over a similar period.

Solana (SOL $19) investment products clocked $26 million worth of inflows since the start of 2023, outpacing all other altcoins, including Ether (ETH $1,619), suggesting it’s the “most loved altcoin amongst investors” according to CoinShares.

In a Sept. 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 Sept. 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.

Crypto investment products have mostly seen outflows over the past seven weeks. Source: CoinShares

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.