Bitwise Extends Solana Purchase Despite Price Drop

Bitwise has bought Solana for the seventh consecutive day of trading amid growing institutional demand for the asset, pushing its Solana ETF product closer to hitting a key…

As Solana begins to see heightened institutional interest amid the recent crypto market recovery, leading asset management firm Bitwise has continued to expand its holdings with consistent purchases.

According to onchain data from SosoValue, Bitwise has consistently attracted fresh capital into its Solana exchange-traded fund (ETF) in recent days, despite the ongoing decline in the price of Solana.

The data shows that the Bitwise Solana ETF had attracted over $9.65 million in fresh capital as of September 28, despite the brief slowdown in the price of the asset.

Following the latest inflow, Bitwise has extended its buying streak to seven consecutive trading days, signaling increased institutional demand for Solana exposure.

With its consistent Solana purchases, Bitwise has seen its Solana ETF reach cumulative net inflows of about $1.23 billion, moving rapidly closer to a $1.5 billion milestone.

To achieve this, Bitwise would need to attract an additional $270 million in net inflows, which would probably take up to a month or two to achieve at its current pace.

While the latest Solana purchase from Bitwise has come at a time when the asset has briefly turned negative, showing a modest decrease in its price during the period, it appears that institutional investors are becoming increasingly bullish on the asset.

Rather than exercising caution, investors have already contributed up to $12.70 million in net inflows this new week, positioning Solana for a potential price recovery.