Institutions love Solana, according to CoinShares' latest crypto fund report, even though the rest of the crypto space is flat.
Inflows of 4 million have been caused by a combination of factors- including the recent quagmire over government funding.
Butterfill told Decrypt that although it's 'hard to tell for certain,' he suspects that the impasse in Washington D.C. over budget concessions is behind the spike in interest.
The timing of inflows is closely connected to the timing of the rise of the 10-year government bond, he said.
Although the bulls are still in charge, they haven't made significant strides in charge yet. The volume is still insufferablely low, averaging $3 billion daily, a far cry from last year's $11 billion. These levels, butterfill said, take us back to 2020.
There's still a regional divide between big companies. The U.S. saw outflows of $19 million, whereas Canada's neighbor to the north, Canada, shut down $17 million worth of buying pressure. Inflows of $23 million were reported across the pond and into Europe.
Last but least, Ethereum continues to live up to its 'least-loved altcoin' label for the year. It saw outflows of $1.5 million, highlighting seven weeks straight of selling, totaling $114 million in sales over the year.