Cryptocurrency funds have seen 6 weeks of outflows, led by investments in Ethereum rivals Solana | Currency News | Financial and business news

Bitcoin is trading above $ 50,000 again.

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• Investments in cryptocurrency funds and products grossed $ 21 million last week, CoinShares said.
• Solana raised $ 7.1 million, the largest amount of any digital asset.
• The price of Solana more than doubled in August.
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Investments in crypto products and funds have seen outflows for six weeks, drawing $ 21 million last week, led by Solana, the token on the high-speed blockchain network that doubled in value in August alone.

Solana was the standout cryptocurrency last week as inflows of $ 7.1 million exceeded other digital assets, CoinShares, a digital asset management company, said in a weekly update released on Monday.

Solana is widely regarded as a competitor to Ethereum, a blockchain platform on which so-called smart contracts are built. Solana’s price rose 75% to $ 78.72 in a seven-day run through August 20, and during Monday’s session it marked a 105% increase from the end of July.

The altcoin has attracted attention following capital inflows into a number of projects based on the Solana blockchain. Solana is home to Serum, a decentralized exchange founded by crypto billionaire Sam Bankman-Fried.

Crypto funds now carry $ 57.3 billion in total assets under management, the highest amount since mid-May, a reflection of positive price developments and an indication of improved investor sentiment, CoinShares said.

Ethereum, whose token is Ether, saw “minor” inflows of $ 3.2 million last week, and Cardano brought in $ 6.4 million.

Bitcoin was the most traded cryptocurrency, having outflows of $ 2.8 million, the seventh straight week with the longest outflow since January 2018. “While this may suggest sentiment remains negative, it masks very mixed flows the providers, ”said CoinShares.

Bitcoin traded above $ 50,000 on Monday, beating that price for the first time since May 15 on Sunday.