Solana ETF yet to launch, but SOL still outperforms market – Here’s how!
The post Solana ETF yet to launch, but SOL still outperforms market – Here’s how! appeared on BitcoinEthereumNews.com.
Solana’s ETP inflows surged 7,600% despite a broader market downturn. Solana outperformed Bitcoin and Ethereum in year-to-date performance, showing significant resilience. Despite the broader crypto market experiencing a downturn in September, some coins have demonstrated notable resilience. While many assets struggled, certain cryptocurrencies stood out by maintaining stability or even gaining traction during this challenging period. Solana outperforms As highlighted in the latest CoinShares report, Solana [SOL] emerged as the top performer in the crypto investment landscape. SOL’s Exchange-Traded Products (ETPs) saw a staggering 7,600% increase in inflows within just a week, soaring from $100,000 to $7.6 million. This remarkable surge brings the total year-to-date inflows for Solana to $39 million, a significant recovery following the $26.7 million in outflows the asset experienced in August. Solana vs. others The report highlights a stark contrast in weekly flows among the top three cryptocurrencies. Bitcoin [BTC] experienced significant outflows of $319 million, Ethereum [ETH] followed with $5.7 million in outflows, while SOL stood out with impressive inflows of $7.6 million. Source: etp.coinshares.com When looking at year-to-date performance, Solana has emerged as the top performer among digital assets, surpassing all others except BTC and ETH. This positions SOL as a leading contender in the crypto market, showcasing its resilience and growing appeal to investors. This is particularly noteworthy given that Solana ETF has yet to launch. Other ETFs performance analyzed Bitcoin ETFs have significantly boosted adoption since their introduction, contributing to BTC’s surge above $70,000 in March. However, Bitcoin is currently experiencing a wave of outflows. Ethereum ETFs, meanwhile, have faced challenges since their debut, struggling to drive ETH above $4,000. Despite this, recent updates suggest signs of renewed inflows, hinting at potential improvements in the future. Impact on Solana On the price front, SOL saw a 2.02% increase in the past 24…
Filed under: News - @ September 4, 2024 4:04 am