Solana (Sunday) Attracts attention quickly Institutional investors, who are showing an increasingly strong interest in this crypto token. This trend confirms the possibility Solana It could be next in line to launch a Spot ETF, a development that could significantly impact the price of the cryptocurrency token.
Solana's investment funds recorded year-to-date inflows of $29 million
According to the latest weekly CoinShares news a report, Solana's investment products currently feature year-to-date net inflows of $29 million. Last week, these funds saw net inflows of $8 million. Meanwhile, these Solana funds recorded net inflows of $19 million this month alone.
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This development highlights the significant demand for Solana among institutional investors. It also strengthens SOL's case as the next crypto asset to get its own ETF following approval Ethereum ETFs.
Fund issuers are obligated to evaluate the popularity of other tokens (besides Bitcoin and Ethereum) when deciding which Crypto ETF to apply for next. Solana is undoubtedly the clear favorite, recording the most inflows since the start of the year among other crypto ETFs, bar none Bitcoin and Ethereum.
Demand for Solana among these institutional investors is also clear, given how prominent institutions like asset management firm Pantera Capital operate Bid actively It purchased some discounted SOL tokens, which formed part of FTX's bankruptcy estate.
Brian Kelly, founder of digital asset investment firm BKCM, recently… And he expected The Solana Spot ETF will likely be next in line, considering Bitcoin, Ethereum, and Solana are the “big three” for this cycle. As such, it makes sense for the SOL ETF to come next since the Bitcoin and Ethereum Spot ETFs were approved.
Asset manager Franklin Templeton He also supported Solana's narrative, predicting that the cryptocurrency token will soon become the third-largest token by market capitalization behind Bitcoin and Ethereum. while, Bloomberg analyst James Seyphart He also commented on the possibility of the Solana ETF being next, noting that this fund will see greater demand from other digital assets besides Bitcoin and Ethereum.
Digital asset products record third consecutive week of inflows
Last week was good for Crypto asset investment products Generally. These investment products recorded net inflows for the third week in a row, with $1.05 billion flowing into these funds. Most of these flows entered Bitcoin investment productsWhich recorded net inflows of $1.01 billion last week.
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Meanwhile, Ethereum recorded net inflows of $36 million last week. This number represents the highest inflow Ethereum investment products have seen since March. CoinShares noted that this was likely an early reaction to consent US Spot Ethereum ETFs.
Along with Solana, which saw a net inflow of $8 million, Litecoin, XRP, and Link chain Other altcoins that recorded notable inflows were $2.8 million, $400,000, and $600,000 flowing into these crypto assets, respectively.
Featured image created with Dall.E, chart from Tradingview.com