Institutional investors flock to Solana as the demand for Bitcoin and Ether plummets
Institutional investors flocked to Solana as the demand for ether and bitcoin declined.
CoinShares has published a report A new report reveals that Solana’s investment products recorded inflows of $ 49.4 million from September 6-10, representing 86.6% of the total $ 57 million spent in crypto during the week -Investment products flow.
Inflows into Solana products increased 275% from the previous week, representing a 36% increase in SOL prices. The report concludes:
“The combination of price appreciation and inflows has now increased Solana’s assets under management to $ 97 million, the fifth largest of all investment products.”
Digital asset products are enjoying inflows for the fourth straight week, with the demand for altcoins at just $ 200,000 significantly higher than that of bitcoin.
The increase on the Solana side is partly due to the decrease in exposure to ETH ($ -6.3 million) by institutional investors as the price fell 10% on the week.
Despite the highly anticipated introduction of smart contracts by Cardano on September 13, institutional inflows into ADA’s product fell 46% from the previous week.
Ripple, Polkadot, and Bitcoin Cash products also saw inflows of $ 3.2 million, $ 3.1 million, $ 1.7 million and $ 600,000, respectively.
According to estimates by CoinShares, institutional asset managers now represent $ 56.3 billion in total assets under management (AUM) – a 9% decrease from last week when the crypto market was broader than a massive decline.
While CoinShares XBT and Purpose funds fell $ 24.7 million and $ 45.5 million, respectively, 21Shares, ETC Group and CoinShares saw inflows of $ 75 million, $ 13 million and $ 1 million, respectively U.S. dollar.
Grayscale continues to dominate, representing 74% of the AUM at $ 41.8 billion.
Has grayscale announced Partnership with the fintech asset provider iCapital Network on September 13th. The agreement will enable iCapital consultants to provide the company’s high net worth clients with access to Grayscale’s Digital Asset Services services through an investment strategy that is diversified by market capitalization.
We invite you to join our Telegram for faster news: https://t.me/coincunews
According to Cointelegraph