Institutional investors are unphased by Solana’s recent network outage as they continue to pour capital into SOL, according to crypto asset management firm CoinShares.
Last week, the smart contract platform Solana (SOL) suffered a distributed denial-of-service (DDoS) attack that caused the network to go offline.
However, Solana developers managed to restart Solana’s mainnet and restore functionality just hours after the attack began.
According to a weekly inflow analysis conducted by CoinShares, institutional investors shrugged off Solana’s network outage and added a net total of $4.8 million to their positions last week.
“Solana, despite recovering from a network outage caused by a DDoS attack, saw inflows of US$4.8m. This suggests investors were happy to shrug off the attack, seeing it as teething problems rather than something more inherent with the network.”
As for Bitcoin (BTC), the asset management firm says that the top crypto asset has seen relatively low inflows over the past week totaling $15 million. The firm points out that Bitcoin has been steadily losing its grip on CoinShares’ total assets under management since the beginning of this year.
“Bitcoin saw inflows of US$15m. It has suffered the most from negative investor sentiment with inflows in only 3 of the last 16 weeks.
Over the course of 2021, its total market share of assets under management (AuM) has fallen from 81% (in January) to just 67% today.”
Other top investments, such as Ethereum (ETH) and multi-asset investment products, also saw underwhelming inflows of $6.6 million and $3.7 million respectively.
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Featured Image: Shutterstock/Mia Stendal