Cryptocurrency funds snap 6 weeks of outflows, led by investments in Ethereum rival Solana

• Investment in cryptocurrency funds and products brought in $21 million last week, said CoinShares.
• Solana drew in $7.1 million, the largest amount among all digital assets.
• Solana's price has been on a tear, more than doubling in August.

Investment in crypto products and funds snapped six weeks of outflows by drawing $21 million last week, led by Solana, the token on the high-speed blockchain network that's seen its value double in August alone.

Solana was the standout cryptocurrency last week as inflows of $7.1 million outpaced that of other digital assets, said CoinShares, a digital asset management company in a $4.

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

The altcoin has been attracting attention following $4. Solana is home to Serum, a decentralized exchange $4.

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

Ethereum, whose token is $4, logged "minor" inflows of $3.2 million last week, and $4 brought in $6.4 million.

$4 was the most traded cryptocurrency, and had outflows of $2.8 million, the seventh consecutive week of outflows that matched the longest run since January 2018. "While this may suggest sentiment remains negative, it masks very mixed flows across providers," said CoinShares.

$4 traded above $50,000 on Monday, surpassing that price on Sunday for the$4.