Digital assets manager CoinShares says Ethereum (ETH) rival Solana (SOL) is an institutional favorite as the crypto market boils over with Bitcoin (BTC) exchange-traded fund (ETF) fervor.
In its latest Digital Asset Fund Flows report, CoinShares finds that institutional investors have poured more money into Solana than any other non-BTC digital asset over the last week and year.
“Solana saw a further US$15.5m inflows last week, bringing year-to-date inflows to US$74m (47% of AuM [assets under management]) — making it the most popular altcoin this year so far.”
Overall, the digital assets markets saw their fourth week of institutional inflows in a row. According to CoinShares, some of the momentum may come from a growing anticipation of the approval of a spot Bitcoin ETF in the United States.
“Digital asset investment products saw inflows for the 4th consecutive week totaling US$66m. Total AuM has now risen to US$33bn.
While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time around.”
BTC institutional investment products raked in over $55 million in inflows last week, while short BTC products took in $1.6 million.
While altcoins Binance Coin (BNB) and Cardano (ADA) enjoyed minor inflows of $0.2 million and $0.1 million respectively, Ethereum (ETH) products bled out $7.4 million.
“Continued concerns over Ethereum have led to further outflows of US$7.4m, the only altcoin to see outflows last week.”
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- Source: https://dailyhodl.com/2023/10/23/solana-leads-the-way-as-institutions-pour-millions-into-crypto-markets-amid-bitcoin-etf-excitement-coinshares/
