Institutions Pouring Money Into Solana and Cardano, Current Rate Outpacing Both Bitcoin and Ethereum: CoinShares
Digital asset manager CoinShares says Ethereum competitor Solana recorded more institutional capital inflows than any other crypto asset last week.
In its weekly report, the firm says Solana recorded more than twice the amount of institutional capital than Ethereum.
“Solana, a competitor to Ethereum offering a flexible infrastructure and faster transaction settlement, saw the largest inflows of any digital asset last week totalling US $7.1m.
Ethereum saw minor inflows totalling US $3.2m last week along with other altcoins such as Cardano, Litecoin and Polkadot which saw inflows of US $6.4m, US $1.8m and US $1.1m respectively.”
Solana, backed by FTX CEO Sam Bankman-Fried, has witnessed a 92.9% rally in the last two weeks while Ethereum posted an 11% rise in the same period.
Red-hot Cardano (ADA), which has pulled off a 35% rally in the last seven days according to CoinGecko, saw only slightly less institutional inflows than Solana, according to CoinShares.
As for Bitcoin, the firm says the world’s leading crypto by market cap has seen a seventh straight week of outflows totalling US $2.8m. CoinShares says that while Bitcoin’s lack of inflows may indicate negative sentiment, it also “masks very mixed flows across providers.”
As per CoinShares’ report, Litecoin (LTC) saw $1.8 million in inflows, Polkadot (DOT) saw $1.1 million, and XRP saw $1 million.
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Author: Daily Hodl Staff
