Institutional investors have been betting on Solana ($SOL) and Cardano ($ADA) investment products as the cryptocurrency market recovers and bitcoin moves back toward the $50,000 mark, data shows.
According to CoinShares’ latest “Digital Asset Fund Flows Weekly” report, institutional investors moved $7.1 million into Solana investment products over the last week, seemingly reacting to SOL’s recent price surge that saw it jump from little over $35 to a new all-time high above $75.
The price of Solana has surged partly thanks to a growing number of projects developing on top of its network receiving capital inflows. Decentralized exchange Mango markets, for example, raised $70 million in a token sale earlier this month.
Serum, a decentralized exchange founded by cryptocurrency billionaire Sam Bankman-Fried, who’s also the CEO of cryptocurrency exchange FTX, is also built on top of the Solana blockchain.
