- Investment in cryptocurrency funds and products brought in $US21 ($AU29) million last week, said CoinShares.
- Solana drew in $US7.1 ($AU10) million, the largest amount among all digital assets.
- Solana’s price has been on a tear, more than doubling in August.
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Investment in crypto products and funds snapped six weeks of outflows by drawing $US21 ($AU29) million last week, led by Solana, the token on the high-speed blockchain network that’s seen its value double in August alone.
Solana was the standout cryptocurrency last week as inflows of $US7.1 ($AU10) million outpaced that of other digital assets, said CoinShares, a digital asset management company in a weekly update published Monday.
Solana is widely regarded as a competitor to Ethereum, a blockchain platform on which so-called smart contracts are built. Solana’s price jumped by 75% to $US78.72 ($AU109) in a seven-day run ended August 20, and during Monday’s session, it marked a 105% surge from the end of July.
The altcoin has been attracting attention following capital inflows into a number of projects based on Solana’s blockchain. Solana is home to Serum, a decentralized exchange founded by crypto-billionaire Sam Bankman-Fried.
Crypto funds are now carrying $US57.3 ($AU79) billion in total assets under management, the highest amount since mid-May, a reflection of positive price action and an indication of improved investor sentiment, said CoinShares.
Bitcoin was the most traded cryptocurrency, and had outflows of $US2.8 ($AU4) million, the seventh consecutive week of outflows that matched the longest run since January 2018. “While this may suggest sentiment remains negative, it masks very mixed flows across providers,” said CoinShares.