According to Decrypt, investors injected $21 million into crypto funds last week, with Solana (SOL) products receiving the majority of the funds at $10.6 million. Digital asset fund manager CoinShares reported that SOL, the sixth-largest cryptocurrency by market cap, has been gaining significant attention due to major companies expressing interest in its blockchain and traders exiting their short positions, leading to a price increase.
CoinShares also noted that investors put money into Cardano, XRP, and Chainlink. The outflows of $16 million ended an 11-week run of inflows, but CoinShares' head of research, James Butterfill, believes this is more likely a sign of profit-taking rather than a change in sentiment towards the asset class. Trading activity remained well above the year average, totaling $3.6 billion for the week, compared to the year-to-date average of $1.6 billion.
Investors have been pouring money into crypto products such as Grayscale, 21Shares, and ProShares as anticipation grows for a spot Bitcoin exchange-traded fund (ETF) product. Analysts expect the long-awaited investment vehicle to receive approval within the next month.
