Solana (SOL) Flips BNB to Become the Fourth-Largest Cryptocurrency

Solana’s (SOL) price crossing $185 may not usually be a big deal, but it is at the moment as it resulted in the altcoin flipping the Binance native token BNB.

The “Ethereum killer” turned into the “BNB killer” as SOL’s market cap reached $86.23 billion, surpassing BNB’s $85.79 billion.

Solana Market Cap vs. BNB Market Cap. Source: TradingView

One of the biggest driving factors behind this achievement by Solana has been the approval and launch of spot Ethereum ETFs. As one altcoin entered the spot ETF space, it opened up the possibility of other altcoins witnessing a similar fate, resulting in Solana’s price rising.

Institutions Vote for Solana

With Solana being the top contender for a potential ETF, the attention of retail and institutional investors shifted to the altcoin. According to CoinShares’ report, for the week ending July 20, SOL noted the highest inflows of any altcoin after Ethereum.

Solana inflows touched $9.6 million, with the next closest asset being Litecoin at $2.2 million.

Solana Institutional Inflows. Source: CoinShares

This gap between the assets is evidence that institutions are pining for SOL as their next investment target.