Cryptocurrency investment products have seen inflows of $597.8 million over the past week, bringing year-to-date inflows to over $5.7 billion as demand from spot Bitcoin exchange-traded funds (ETFs) remains high.
Bitcoin-focused investment products – which include the spot Bitcoin ETFs, saw over $569.5 million of inflows over the past week according to CoinShares’ latest Digital Asset Fund Flows report, while Ethereum-focused products saw $16.8 million of inflows.
Products focusing on multiple cryptocurrencies saw $6.8 million of inflows, while those offering investors exposure to Cardano ($ADA) and XRP saw $400,000 and $1.1 million respectively, showing bullish sentiment across the cryptocurrency space.
The report, however, notes that Solana-focused investment products saw around $3 million of outflows, after seeing around $1.6 million of outflows over the previous week. Investors are seemingly moving away from Solana after the network’s latest outage.
Earlier this month, Solana experienced a significant outage, going offline for approximately five hours before validators managed to restart the cluster and resume block production. This was the network’s first major outage of the year, with the last one occurring in February 2023.
Despite the outage, a well-regarded crypto strategist has cast a spotlight on Solana, predicting an extraordinary ascent in its value. The analyst, known by the pseudonym Inmortal, has shared with his over 207K followers on the social media platform X, a vision where Solana could witness a staggering increase of more than 340% from its present valuation by the year 2025.
It’s worth noting that the price of Solana surged by more than 370% over the past year as it recovered form the collapse of the FTX exchange, which before collapsing was a heavy supporter of the network’s ecosystem and invested in a number of tokens on the network, including SOL.
The collapse affected Solana by association, but the network has been steadily recovering to now have over $2.1 billion in total value locked (TVL) on its decentralized finance ecosystem, up from $230 million at the beginning of 2023.
Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
At its high, the airdrop was estimated to be worth more than the smartphone’s $599 price tag, meaning users could get their hands on a new smartphone and still make a profit off of just the airdrop.
Featured image via Unsplash.
