Solana, has seen inflows of $26 million so far this year (YTD) since the beginning of the year, according to a weekly fund flows report from CoinShares on 4 September.
Solana (SOL) recorded inflows worth $3.8 million, in contrast to Bitcoin (BTC), the largest digital asset based on market capitalisation, while institutional investors pulled out of short Bitcoin products for the 19th consecutive week.
The Wave of Crypto Outflows
CoinShares chief researcher James Butterfill , noted in the 4 September report that outflows of crypto products cooled to $11.2 million in the week ending 1 September, the wave of negative sentiment over the past seven weeks has reached $342 million.
Solana remarkably experienced inflows of $700,000 in the past week, while investors withdrew $8.6 million and $3.2 million respectively from Polygon and Ethereum during the same period.
Although the tenth-largest digital asset by market capitalisation has recorded an impressive Year to Date (YTD) gain of 95.5%, Solana (SOL) has mainly traded between $20 and $25 since the start of 2023. At the time of writing, the currency was trading at $19.35.
Solana (SOL) has collected $14.1 million in inflows over the past nine weeks. We are curious to see how this will develop further.
Positive Developments within the Network
Solana's positive weekly inflow record follows a series of recent developments within the network, on top of improved performance and reliability, with only one outage reported in 2023.
Rune Christensen, the co-founder of MakerDAO proposed on 1 September to build the new native chain project based on Solana's codebase fork. This despite its long association with Ethereum (ETH).
On 23 August, reports reported that Shopify had integrated Solana Pay into its payment options, supporting stablecoin USD Coin (USDC).