Solana (SOL) Leads Institutional Altcoin Investments As Crypto Markets See Eight Straight Weeks of Inflows: CoinShares
Digital assets manager CoinShares says institutional crypto products saw heavy inflows across the board last week for the eighth consecutive week.
In its latest Digital Asset Fund Flows report, CoinShares finds that institutional investors are continuing to up their allocations to crypto with Solana (SOL) investment products leading the way for altcoins.
“Digital asset investment products saw inflows totaling US $176 million last week in a continuation of consecutive weekly inflows that has now lasted 8 weeks, bringing year-to-date inflows to US $1.32 billion.”
CoinShares also puts the yearly inflows into perspective, comparing inflows to previous years.
“However, the inflows remain well behind 2021 and 2020, which saw US $10.7 billion and US $6.6 billion respectively.”
According to CoinShares, much of the trading volume surge in crypto can be traced to exchange-traded product (ETP) investors.
“Trading volumes in ETPs have averaged US $3 billion per week, double this year’s average of US $1.5 billion. Interestingly, ETP share of total crypto volumes is rising, averaging 11% compared to the long-term historical average of 3.4%, and well above the averages seen in the 2020/21 bull market.”
King crypto Bitcoin (BTC) led the way with $154.7 million of inflows. Solana products raked in $13.6 million as interest in the Ethereum (ETH) competitor continues to grow. Ethereum enjoyed $3.3 million in inflows, while Litecoin (LTC), Cardano (ADA) and XRP products brought in less than a million apiece.
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