Investors infused $21 million into cryptocurrency funds last week, according to Decrypt, with the majority of the funds ($10.6 million) being allocated to Solana (SOL) products. SOL, the sixth-largest cryptocurrency by market capitalization, has been receiving considerable attention, according to digital asset fund manager CoinShares. This attention has been generated by major corporations expressing interest in its blockchain and speculators selling short positions, which has resulted in a price increase.

Additionally, CoinShares reported that investors invested in Chainlink, XRP, and Cardano. James Butterfill, director of research at CoinShares, believes that the $16 million in outflows following an 11-week streak of inflows indicate profit-taking rather than a shift in sentiment regarding the asset class. The volume of trading activity for the week was $3.6 billion, which is significantly higher than the year-to-date average of $1.6 billion.

As the anticipation for a spot Bitcoin exchange-traded fund (ETF) product increases, investors have been pouring money into crypto products like Grayscale, 21Shares, and ProShares. Analysts anticipate approval of the long-awaited investment vehicle within the following month.