Solana Gets The Largest Funding Amid Crypto Market Recovery

Illustration of coin Solana. (Photo; Doc. Yahoo Autos)

JAKARTA - Digital asset investment products recorded a high flow of incoming funds last week, reaching 708 million US dollars or around Rp 11.1 trillion. The flow of these funds increased total assets under global management to US$53 billion or around Rp. 832.1 trillion. However, the trade volume of these products decreased to US$8.2 billion or around Rp. 128.7 trillion, from US$10.6 billion or around Rp. 166.4 trillion in the previous week. This, according to a recent report from CoinShares, Europe's leading digital asset investment company.

Of all the inflows of funds, Bitcoin dominates with $73 million, which accounts for 99% of the total flow. This suggests that Bitcoin is still the most in demand by investors, despite experiencing significant price fluctuations. On the other hand, the short position in Bitcoin is experiencing a slight outflow of funds, amounting to 5.3 million US dollars or around IDR 83.2 billion. This indicates market optimism towards Bitcoin price recovery.

Solana, a blockchain platform that offers low transaction speeds and costs, starred last week by noting the largest inflow of incoming funds among other crypto assets, namely US$13 million or around Rp. 204.1 billion. Solana managed to outperform Ethereum and Avalanche, who each experienced an outflow of US$6.4 million or around Rp. 100.5 billion and US$1.3 million or around Rp. 20.4 billion. Solana showed impressive performance, with prices up more than 300% since the start of the year.

Other Altcoins such as Cardano, Litecoin, and XRP also recorded minor inflows of funds, respectively amounting to US$0.6 million or around Rp. 9.4 billion, US$0.3 million or around Rp. 4.7 billion, and US$0.1 million or around Rp. 1.6 billion. This shows that investors are still interested in crypto assets other than Bitcoin, although on a smaller scale.

Regionally, the United States became a crypto asset investment hub, with inflows of inflows reaching US$ 721 million or around Rp. 11.3 trillion last week. This was driven by the launch of a new Bitcoin-based ETF (Exchange-Trad), which attracted an inflow of US$1.7 billion or around Rp. 26.7 trillion. This new ETF has maintained an average inflow of US$1.9 billion or around Rp. 29.8 trillion over the past four weeks, raising a total inflow of US$7 billion or around Rp. 120.9 trillion since it was introduced on January 11.

However, this was replied by a flow of funds out of an established publisher of US$6 billion or around Rp. 94.2 trillion, although the latest data showed a significant slowdown in the flow rate of these outflow funds. This shows there is stiff competition in the US crypto asset market, which is the largest market in the world.

Meanwhile, Switzerland, Germany, and Brazil recorded weekly inflows of US$20.9 million or around Rp. 328.1 billion, US$3.5 million or around Rp. 54.9 billion, and US$1.3 million or around Rp. 20.4 billion in a row, followed by Australia and France with an inflow of US$0.9 million each or around Rp. 14.1 billion and US$0.1 million or around Rp. 1.6 billion. However, Canada and Sweden recorded an outflow of US$31.3 million or around Rp.491.5 billion and US$8.2 million, respectively, or around Rp. 128.7 billion in the same period.