Solana Captures Institutional Investors’ Attention, Inflows Rise To $135 Million


21 Nov 2023 10:40 AM

Solana has held its stance among altcoins, registering inflows more than any other cryptocurrency besides Bitcoin last week. ...

  • Solana has attracted significant institutional investment, with inflows totaling over $135 million this year.
  • CoinShares' report shows that Bitcoin products received the majority of the inflows, with $155 million invested in the last week.
  • Ethereum products experienced a significant drop in inflows, while Solana saw an increase of almost 10%.
  • Other altcoins, such as Litecoin and XRP, received minimal inflows, while Uniswap and Polygon saw minor outflows.
  • The bullish sentiment surrounding the impending approval of a spot-based Bitcoin ETF in the US is cited as a factor influencing the inflows into Bitcoin.
  • Solana's growth in its ecosystem, including impressive TVL performance and increased trading volume on decentralized exchanges, may have attracted institutional investors.
  • Solana is now considered the hub for Decentralized Physical Infrastructure Network (DePIN) projects.

The article highlights the positive performance of Solana and its attractiveness to institutional investors. The sentiment is generally optimistic, emphasizing Solana's growth and potential.

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You May Ask

How much institutional investment has Solana attracted this year?Which cryptocurrency received the majority of the inflows according to CoinShares' report?What caused the drop in inflows into Ethereum products?Which altcoins received minimal inflows, and which ones saw minor outflows?What factors influenced the inflows into Bitcoin, according to the CoinShares report?

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