Interest in altcoins may have waned as big crypto investors pull cash out of funds, but one coin still has them excited: Solana. 

Over the past seven weeks, investors have largely withdrawn from crypto investment products, European digital asset manager CoinShares said in a Monday report. 

But for the past nine weeks, institutional investors have meanwhile been plugging cash into the 10th biggest digital asset by market cap, Solana (SOL).

CoinShares said that $700,000 had been invested over the past week into SOL via crypto investment providers—making the cryptocurrency “the most loved altcoin amongst investors at present.” 

And the year-to-date inflows focusing on SOL currently stand at $26 million. 

In contrast, investors in the past week pulled $8.6 million out of Polygon investment products and $3.2 million out of Ethereum. 

Investors did put $3.8 million into Bitcoin, the biggest digital asset by market cap, and pulled out of short Bitcoin products for the 19th consecutive week. 

Image: Shutterstock

Solana Co-Founder Says FTX's SOL Should Be Distributed to Customers

Collapsed crypto exchange FTX’s new management might be on the verge of dumping its huge Solana (SOL) holdings, based on the movement of tokens from wallets—and the protocol’s co-founder has a “win-win” solution in mind. Data shared on Twitter shows that FTX cold storage wallets, further identified via blockchain explorer Solscan, started to move its SOL yesterday. Multiple cold storage FTX wallets collectively hold nearly 7 million SOL, blockchain data shows. That’s about $134 million worth of...

NewsBusiness
3 min read
Mat Di Salvo

The report added that “trading volumes were much higher than average” last week, totaling $2.8 billion.

SOL is the asset used to make transactions on Solana, a blockchain developers use to build decentralized applications which can be anything from first-person shooter games to decentralized finance lending protocols. 

And the asset has been getting some traction lately. MakerDAO’s co-founder Rune Christensen suggested launching the project’s new chain on a Solana-based platform.

Editor's Note: This was updated reflect that Rune Christensen is the co-founder, but not the CEO, of MakerDAO.

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