Solana, the world’s seventh most valuable cryptocurrency, has become popular among institutional investors.

In the past week, Solana attracted more institutional inflows from Bitcoin, Ethereum, Ripple, Cardano and Polkadot.

According to the latest weekly digital asset fund flows report published by CoinShares, Solana’s investment products saw around $50 million in inflows last week, compared to the small inflows of $0.2 million in bitcoin investment products and nearly $6 million in ethereum investment products. .

One of the main reasons behind Solana’s increasing popularity among institutional investors is the price movement of the digital currency SOL, which has surged and increased by nearly 300% in the past four weeks.

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Solana price touched an all-time high of $210 on September 9, 2021, but saw a correction in the following days.

Currently, Solana is trading near $170 with a market capitalization of $50 billion.

What is stated in a report “CoinShares” includes:

During last week’s price slide, Solana’s price was strong, outperforming a basket of the top 10 digital assets by 34%, after rising 24% week after week.

This was reflected in the project’s inflows, dwarfing any other digital asset in front of it, with Solana’s total financial inflows of around $50 million.

The combination of rising prices and inflows brings Solana’s AuM products to $97 million, the fifth largest investment product.

During the recent bull run, Solana cryptocurrency overtook Ripple’s market cap and became the sixth largest cryptocurrency, but later corrected and fell to seventh place.

Solana and Altcoins:

Since the beginning of August 2021, institutional investors have started to diversify their portfolios by investing in different altcoins including Solana, Cardano, Ripple and Polkadot.

The diversification trend continues among investors, with inflows into Solana, Cardano, Ripple and Polkadot reaching $3.5 million, $3.2 million, $3.1 and $1.7 million, respectively.

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Digital asset investment products saw inflows totaling $57 million last week.

The report added that investment product volumes are now up 143% since their lows in early July to reach $3.8 billion.

The total share of digital currencies in global crypto assets under management (AUM) has increased sharply in the past four weeks.

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