Last week Bitcoin (BTC) investment products finally saw net inflows again after eight weeks of outflows. Total inflows into cryptocurrency products then reached $98 million and bitcoin reached $59 million, both the highest since mid-May.
Last week, however, that dropped again, investment firm CoinShares reported on September 13. Net inflows for bitcoin funds last week came in at just $0.2 million and ethereum (ETH) funds even saw a net outflow of $6.3 million.
In contrast, solana (SOL) is becoming increasingly popular among institutional investors. Solana funds saw a net inflow of $49.4 million last week, in fact 86.4% of the total $57.2 million inflow of crypto products between September 6 and 10.
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Last week, Bitcoin remained flat with a paltry $0.2M of inflows, while Ethereum saw minor outflows of $6.3M.
Solana remains a favorite amongst investors with inflows of almost $50M.https://t.co/zgrFAvtL6G
— CoinShares 👩🚀 (@CoinSharesCo) September 13, 2021
That brings the total assets under management (AUM), or assets under management, for solana products to $97 million. That makes solana the fifth largest crypto among investment products, according to CoinShares. The SOL price had risen by 50% between 6 and 10 September to a all time high (ATH) of $213.5.
In addition, there were also positive inflows for a few other crypto funds. Cardano (ADA) products saw net inflows of $3.5 million, followed by ripple (XRP) at $3.1 million and polkadot (DOT) at $1.7 million. Last week was the fourth week in a row of net inflows for all crypto producers, before that there was a net outflow for six weeks in a row.
Furthermore, CoinShares reports that the volume of crypto funds has increased by a whopping 143% since its low in early July to $3.8 billion. It is a sign that (institutional) investors are gradually becoming more active after a somewhat slow and stagnant summer, according to the asset manager.