Institutional flows into Solana-based digital asset investment products increased last week, especially as these investment products saw an uptick. 7th consecutive week of collection.
Digital asset investment products have seen inflows since late September and throughout October, reflecting the bullish sentiment in the broader crypto market. As a result, inflows to Solana have increased steadily and last week jumped 15% from the previous week.
Increase in institutional flows from Solana
Solana has had an incredible run recently and posted one of the best price gains this month. Solana’s native token, SOL, has seen its price skyrocket more than 160% in the last 30 days alone, amid broader buying in the crypto industry. The crypto is up 33% over a 7-day period, despite the ongoing consolidation of Bitcoin, Ethereum, XRP and a few other cryptocurrencies over the same period.
According to CoinShares Latest Weekly Report On digital asset funds, inflows into digital asset investment products did not reflect this consolidation, as inflows reached $293 million last week. Solana saw inflows of around $12.4 million, up from $10.8 million the previous week. As a result, its revenues since the start of the year have now exceeded $120 million.
More broadly, total exchange-traded products have now crossed the historic $1 billion mark this year and now stand at $1.14 billion. This was particularly fueled by inflows into Bitcoin investment products, which accounted for around 19% of the cryptocurrency’s total trading volume last week.
Bitcoin saw inflows totaling $240 million last week, bringing its year-to-date inflows to $1.08 billion. On the other hand, Bitcoin short positions saw outflows of $7 million, indicating continued positive sentiment. Ethereum also saw an influx of $49 million, while Litecoin and XRP saw outflows of $0.3 million and $3.1 million, respectively.
Can SOL reach $100?
Solana is now definitely on its way to the $100 mark, as technical analysis and fundamental analysis show from the strong uptrend in price and institutional inflows. Solana now seeks to get rid of the deterrent of FTX fiasco and is now standing over 520% since the beginning of the year.
On-chain data also shows that Solana has developed its DeFi TVL of $136 million since the beginning of November. According to DeFiLlamathe total TVL on Solana-based DeFi protocols now stands at $546 million.
At the time of writing, Solana is trading at $58, still far from its all-time high of $260. However, SOL an increase is expected more than 80% in November. If the crypto’s momentum continues to accelerate at this rate, a return to the $100 price target appears within reach.
SOL price recovers above $59 | Source: SOLUSD on Tradingview.com
Featured image from The Independent, chart from Tradingview.com