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.

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

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

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

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.