Cryptocurrency investment products saw inflows of $130 million over the past week, with Solana ($SOL) leading institutional investment among the altcoins it’s possible to get exposure to via these products.
According to CoinShares’ latest Digital Asset Fund Flows weekly, investment products offering exposure to the flagship cryptocurrency Bitcoin saw inflows of $144 million, while products offering exposure to the second-largest cryptocurrency by market capitalization Ethereum (ETH) saw outflows of $14.4 million as ETH keeps underperforming when compared to BTC itself.
Meanwhile products offering exposure to multiple digital assets saw $3.4 million of outflows, and were followed by those offering exposure to Binance’s BNB, which saw $400,000 of outflows. Products shorting BTC also saw $5.1 million of outflows.
Altcoins saw significant inflows with Solana-focused investment products seeing $5.9 million of inflows, bringing their total year-to-date flows to $17 million. Polkadot (DOT), XRP and Litecoin (LTC) investment products followed suit, with $1.2 million, $600,000 and $100,000 inflows respectively.
CoinShares noted in its report that exchange-traded product trading volumes were of just $8 billion, compared to the $17 billion average seen during April. Per the firm, these volumes show ETP investors are “participating less in the crypto ecosystem at present.”
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The firm added that Ethereum-based investment products likely saw outflows as low interaction by Us regulators with spot ETF issuer applications for Ethereum funds has “increased speculation” that the approval of these ETFs isn’t imminent.
Investors are seemingly more optimistic about Solana, based on a survey of 64 investors with a total of $600 billion in assets under management. It’s worth noting that Solana’s price is up over 470% over the past year as it saw a major surge, but it has lost around 33% of its value over the last 30 days.
As CryptoGlobe reported, a popular cryptocurrency analyst known in the space for accurately predicting the cryptocurrency market bottom during the 2018 bear market, has recently said the price of Solana is “gearing up for a violent breakout.”
Notably, earlier this month Solana whales started buying up memecoins amid a recent cryptocurrency market downturn that has seen the prices of these assets plunge.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/05/investors-bet-on-solana-as-sol-investment-products-lead-altcoin-inflows-data-shows/
