Ethereum Rival Solana Catches Eye of Big Players As Institutions Take Bitcoin Profits: CoinShares
Digital assets manager CoinShares says institutional investors are becoming more optimistic about the Ethereum (ETH) competitor Solana (SOL) while they collect profits on king crypto Bitcoin (BTC).
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that digital assets saw outflows of over $100 million last week, marking the third week of outflows in a row.
“Digital asset investment products saw outflows this week, totaling US$107m with profit taking gathering pace in recent weeks.”
According to CoinShares, BTC suffered the lion’s share of the outflows.
“Bitcoin was again the primary focus, seeing outflows totaling US$111m, the largest weekly outflows since March, when US regulatory scrutiny began escalating. For the first time in 14 weeks, the outflows into short bitcoin have stopped.”
Between just Ethereum and Bitcoin combined, the markets suffered $117 million in outflows last week. However, altcoin inflows totaled approximately $10 million last week, bringing the net outflows to $107 million.
“Altcoins sentiment seems to be improving though and offset the outflows in Bitcoin and Ethereum. Solana saw the largest inflows, totaling US$9.5m, the largest single week of inflows since March 2022.”
While SOL enjoyed inflows of nearly $10 million, XRP and Litecoin (LTC) took in inflows of $0.5 and $0.46 million, respectively. Meanwhile, Uniswap (UNI) and Cardano (ADA) saw outflows of $0.8 and $0.3 million, respectively.
Multi-asset investment products, those investing in more than one crypto asset, also saw inflows of $0.3 million last week. CoinShares suggests the altcoin inflows suggest investor sentiment on altcoins is improving.
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Author: Daily Hodl Staff
