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Solana Funds Outshined Bitcoin Last Week Amid Down Market

Crypto funds focused on Solana’s SOL token garnered almost $50 million of inflows last week, while bitcoin funds brought in a “paltry” $200,000.

Sep 13, 2021 at 6:26 p.m. UTC
Updated Sep 13, 2021 at 7:35 p.m. UTC

Investors pumped money into cryptocurrency funds last week as digital-asset markets pulled back from recent highs.

Overall, crypto funds brought in $57 million in new money in the seven days through Friday, the fourth straight week of inflows, according to a report Monday by the digital-asset manager CoinShares.

Almost $50 million went into Solana-focused funds, according to the report, while a “paltry” $200,000 went into bitcoin funds. Ethereum funds saw minor outflows totaling $6.3 million.

“The trend of diversification remains intact among investors,” CoinShares said.

Funds focused on Cardano’s ADA token netted inflows of $3.5 million, while XRP funds brought in $3.1 million and Polkadot funds got $1.7 million of new investments.

Multi-asset crypto funds brought in $3.2 million.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Lyllah Ledesma is a reporter on CoinDesk's Markets team.

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