Solana Extends Investment Velocity to 27 Weeks Income Stream: CoinShares

Institutions love SolanaAccording to CoinShares latest crypto fund report, even if the rest of the crypto space is flat.

“There's been very little activity in the altcoin space.” He wrote James Butterfill, Head of Research for CoinShares, mentions one exception: Solana.

Solana had a bright 2023, with 27 weeks worth of earnings from just four weeks of sales. The past seven days have been no exception, with institutions pocketing $5 million worth of assets. According to Butterfill, this allowed the altcoin to claim the title of “the most loved altcoin this year.”

A one-time “Ethereum killer” success, Butterfill said Decrypt, Due to the cooperation with many financial institutions As fees huge visa, While offering extremely cheap payments. Although it doesn't have the same number of users or developers, he added. Ethereum “He bought the favor of the investors,” he boasts.

The network was introduced earlier today The maximum total value is locked (TVL) of the year, reached 338.82 million dollars, according to Defillama. Its native token SOL also experienced a short-term price increase. Shopping at $23.40 – 20% increase per week.

with Solana, Bitcoin He turned the bear way and presented Institutional Green Week.

The top cryptocurrency has seen $20.4 million in revenue over the past several days, fueled by a number of factors – including the latest “quagmire” Government funding.

Butterfill explained Decrypt Although it's “hard to say for sure,” he suspects uncertainty over the Washington, D.C. budget cuts is behind the growth in demand.

Another reason is that “the yield period is highly correlated with the maturity of the 10-year government bond,” he said.

But the Bulls aren't completely in charge yet. The amount is very low, averaging $3 billion every day, a far cry from last year's $11 billion. These standards, Butterfill says, will take us back to 2020.

And still there is a regional difference between the big bodies. While the United States spent an estimated $19 million, Canada, its neighbor to the north, completed a $17 million buying spree. The old continent that crossed the pond into Europe saw an estimated $23 million in revenue.

Finally, and most obviously, Ethereum will continue to exist until “it.Least popular altcoin” account for the year. It saw an estimated $1.5 million in outflows, highlighting its seven weeks of live sales, which brought it down to $114 million for the year.