Digital asset management firm CoinShares says Ethereum (ETH) rival Solana (SOL) is a favorite among institutional investors as the crypto market boils over with Bitcoin (BTC) exchange-traded fund (ETF) frenzy. said.
CoinShares revealed in its latest Digital Asset Fund Flow Report that institutional investors poured more money into Solana than any other non-BTC digital asset in the past week and over the past year.
“Last week, Solana received an additional $15.5 million in inflows, bringing year-to-date inflows to $74 million (47% of assets under management). [assets under management]) — has been the most popular altcoin of the year so far. ”
Overall, the digital asset market saw inflows from institutional investors for the fourth consecutive week. According to CoinShares, some of that momentum may come from growing expectations that a spot Bitcoin ETF will be approved in the US.
“Digital asset investment products received total inflows of USD 66 million for the fourth consecutive week. Total assets under management have now increased to USD 33 billion.
The recent inflows are likely related to excitement over the launch of a spot Bitcoin ETF in the US, but are relatively low compared to the June announcement, suggesting investors may be more cautious this time around. It suggests that there is. ”
Last week, BTC institutional products saw over $55 million in inflows, and BTC short products saw $1.6 million inflows.
Altcoins Binance Coin (BNB) and Cardano (ADA) enjoyed modest inflows of $200,000 and $100,000, respectively, while the Ethereum (ETH) product saw an outflow of $7.4 million.
“An additional USD 7.4 million has been leaked as concerns about Ethereum continue, making it the only altcoin confirmed to have leaked in the last week.”
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