Bitwise Buys Big into Slumping Solana, Nears $1 Billion Milestone

Bitwise, a leading asset management firm, has made significant purchases of Solana (SOL) despite the cryptocurrency's sluggish performance in recent times. According to data from Arkham Intelligence, Bitwise has acquired $107.4 million worth of SOL over the past 20 trading sessions.

The firm's Solana ETF saw a steady flow of fresh capital during this period, with only two out of 20 sessions reporting outflows. This indicates that institutional investors are using the recent weakness in SOL's price as an entry point to access the Solana investment product.

Bitwise's Solana holdings have reached approximately $918 million, with its current SOL holding nearing 9,030,000 units at a price of around $101 per unit. The firm is approaching a major milestone, with its Solana holdings potentially reaching $1 billion soon.