Solana continues to shine in the cryptocurrency market in terms of investment in digital assets. According to CoinShares’ weekly report, SOL saw $5 million in inflows last week, equivalent to over R$25.3 million in Brazilian currency.
This marks the 27th week of inflows into Solana and only the fourth week of outflows this year. As a result, SOL is currently the most “beloved” altcoin (alternative cryptocurrency to Bitcoin) of the year, according to the cryptocurrency analysis firm.
According to CoinShares’ report, in addition to Solana, investment products in digital assets in general saw inflows last week for the first time in six weeks. The total was $21 million (R$106 million).
“At the beginning of the week, it looked like it would be another week of outflows, with inflows coming towards the end of the week (Friday), in what we believe to be a reaction to a combination of positive price dynamics, concerns about US public debt prices, and the recent gridlock on government funding,” CoinShares highlighted.
The analysis emphasized that despite this recent price increase, volumes remain low both in the investment products market and in the broader cryptocurrency market.
Bitcoin inflows totaled $20 million last week, accounting for the majority of inflows. Meanwhile, outflows continue in Bitcoin shorts, which bet on the cryptocurrency’s price decline. BTC shorts recorded $1.5 million in inflows last week, bringing outflows since April to $85 million.
On the other hand, Ethereum saw outflows for the seventh consecutive week, totaling $1.5 million, making it the least loved altcoin.
Similarly, blockchain-focused company stocks saw outflows of $8.4 million. This result is in line with a broader sell-off in the technology sector.
Finally, the analysis found that the recent regional divergence persists, with the US seeing outflows totaling $19 million last week. Brazil also saw outflows of around $900,000.
Meanwhile, Europe and Canada saw inflows of $23 million and $17 million, respectively.