Institutional investors are now more bullish on Solana over ETH & BTC
On-chain data showed that the institutional money inflow rate in the Solana (SOL) coin is more than the top two cryptocurrencies Ethereum & Bitcoin.
Solana (Sol) is a popular Proof-of-stake (PoS) crypto network which is mainly known for its high scalability, thanks to its unique protocol Proof-of-history (PoH) which allows it to process up to 70k transactions per second at a very low fee.
Between Sep 2021 to Jan 2023, the Solana project faced a huge downfall in terms of trust level among the crypto investors because of the occurrence of bugs in the Solana network as well as the bankruptcy of the big Solala coin investor firm Alameda Research.
This year the Solala community developers did huge work to fight against the network bugs, order to regain trust level among the crypto investors.
The current trade price of the Solana (Sol) coin is $73 & this trade price is 22% up over the last 30 days of trade price.
In the last week’s time period, the money inflow in Solana coin surged 240% which is a clear picture of the trust level among the crypto traders, including institutional investors.
Amid the bull rally, money inflow was mainly in Bitcoin & Ethereum but in the last week, this game flipped by Solana (Sol).
Data by Coinshares showed that Bitcoin products dropped from $19.8 million inflows the previous week to outflows of $32.8 million. In the same vein, Ethereum also witnessed outflows of $4.3 million.
Experts say that this increment of the money inflow in the Solana blockchain is based on the fact that the majority of institutional investors are making a profit.
In the last week, Solana saw $18.3 million investment from the US market and $9.7 million from Germany. Institutional money inflow in Solana was $10.6 million, nearly 240% higher than the previous week. In this time period Cardano (Ada) & Ripple (XRP) saw money inflow of nearly $3 million each, which is a very small amount in comparison with Solana.
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