A report has been published showcasing weekly crypto asset flows. Investment in digital assets has gone up to $21 million. This inflow has come for the first time in the last 6 weeks. Solana is shining with its 27th week of inflows. The previous week’s entry was around $5 million. It has, so far, only experienced 4 weeks of outflow.
More specifically, Solana is dancing at $5.1 million per the report, with MTD flows worth $5 million and YTD flows coming to $31 million. Ethereum and Short Bitcoin have outflows worth $1.5 million each. The overall inflow of 21 million is believed to be the culmination of several factors. This includes US government debt prices, positive price momentum, and quagmires over government funding.
The US had an outflow of $18.5 million, the maximum among others on the list. Sweden follows in the ranks with a $1.8 million outflow. However, the US still has positive YTD flow, amounting to $266 million.
Comparing the previous week’s flow, Europe and Canada are better positioned. Their inflows are $23 million and $17 million, respectively. Canada’s performance was expected, considering its negative YTD flow is $197 million. This is the most common among others. The second worst performance has been put by Sweden, with a YTD outflow of $86 million.
Solana’s constant inflow has brought it under the limelight, making investors wonder if it will surpass BTC before ETH goes closer to the digital token. SOL was last seen being traded at $24.02, a slip of 1.74% in the last 7 days and a fall of 0.76% in the last 24 hours. Solana forecast sees the token end this year at $48.07. This does not precisely portray a more robust picture of whether the token must be considered against BTC. It still manages to grab some eyeballs.
Experts are now calling it the darling of institutional investors. James Butterfill, the head of CoinShares, has said that Solana marks an exception as compared to other altcoins in terms of activity. James has credited the SOL wonder with its institutional partnerships with the likes of Visa. It is gaining momentum, primarily with the offering of ultrafast cheap payments. Meaning that the speed of processing a transaction and the cost at which it is processed are making things work for the ecosystem.
DefiLlama has cited that Solana bagged a TVL of $338.82 million earlier today. This is the highest TVL clocked by its native network, with the token jumping on a weekly basis.
BTC has been able to reverse its bearish trend by crossing the mark of $27,000 at the time of articulating this piece. ETH can also be seen inching closer to the resistance mark at its trade price of $1,666.81. BTC is at $27,628.90, an increase of 0.45% in the last 24 hours.