Institutional investment products based in Solana had a record-breaking $87 million inflows during the previous week, according to data published by digital asset management firm CoinShares.
Solana currently has a total of $241 million in assets under management, ranking it as the seventh most popular cryptocurrency among institutional investors.
Bitcoin funds received $98 million in inflows, accounting for the largest portion of investment money.
With $10.2 million, Ethereum-linked investment products are in third place. Cardano and Polkadot-related funds raked in $1.8 million and 1.2 million in new money, respectively.
Last week, a total of $193 million was pumped into all cryptocurrency funds, the highest sum since mid-December. The graph demonstrates that institutional investors are restoring faith in the cryptocurrency market, which has been in a downward trend for several months. For instance, crypto funds had outflows of $47 million last week.
Investors withdrew $1 million from funds linked to the contentious Ripple-affiliated cryptocurrency in the last week, making it the only cryptocurrency to see negative inflows.
The lion’s share of inflows came from Europe (76 percent ). The bulk of the money came from American sources.
The total amount of cryptocurrency under administration is currently $57 billion, with Grayscale accounting for the great majority of it.
The general trend was followed by blockchain-related equities, which had $23 million in inflows over the preceding week.
With the price of Bitcoin just reaching a multi-month high of $48,000, the entire cryptocurrency sector is on the mend.
Terra (LUNA) is the market leader, with a price increase of 7.91 percent in the last 24 hours.