The “solana price” is the price of Solana, a cryptocurrency. Institutional investors purchased $43 million worth of Solana (SOL) last week.
Institutional investors purchased $43 million worth of Solana (SOL) last week. The company is a solar-powered blockchain platform which seeks to be a leader in renewable energy and has ambitious plans for the future. SOL aims to store data on its open ledger, with an emphasis on security and transparency, making it useful for many industries from finance to healthcare.
Despite the massive drop that has hit the whole crypto market in recent days, institutional investors remain positive on the area.
Product funds devoted to the two biggest crypto currencies by market size, Bitcoin and Ethereum, continue to rise, according to accessible data from CoinShares, with interest in Solana also increasing significantly.
Institutional investors continue to acquire cryptocurrency.
According to the research, the sector experienced inflows of more than $150 million in the past week, with Bitcoin alone seeing an inflow of about $114.4 million, Ethereum $12.6 million, and other multi-asset products $14.1 million.
However, institutional investors have invested over $6.6 billion in Bitcoin goods this year, while $1.17 billion has been invested in Ether products. This year, institutional investors have invested more than $9 billion in the business.
In terms of overall inflows during the past month, Solana has witnessed inflows of US$43 million.
In addition, GrayScale, the world’s biggest crypto asset manager, has accomplished a new milestone. The firm’s asset management portfolio grew to about $52 billion in value. The Grayscale Bitcoin Trust Fund (GBTC), its largest investment and most popular product, is being converted into an ETF.
Bitcoin institutional investment supremacy is aided by exchange-traded funds (ETFs).
The Securities and Exchange Commission (SEC) authorized a handful of Bitcoin futures ETFs earlier this month.
Following the introduction of these ETFs, the flagship digital asset saw a comeback, attracting roughly $2 billion from institutional investors. Not only that, but the ETFs aided in pushing the coin’s value to a new high of nearly $68,000.
While the value of the currency has subsequently dropped, statistics from CoinShares suggests that the freshly introduced BTC ETFs were responsible for “90 percent of inflows” to its “investment product.”
This indicates that, despite the coin’s precipitous decline in value, institutional investors have been mostly unaffected and have retained their faith in the asset as a legitimate investment instrument and inflation hedge.
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Posted in: Bitcoin, Financial Markets, Investments
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The “future of cryptocurrency 2021” is a question that has been asked before. Institutional investors purchased $43 million worth of Solana (SOL) last week.
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