Institutions Pour Money Into Bitcoin, Ethereum and Solana As Crypto Sees Biggest Inflows Since Last Year: Report
A leading digital assets manager says crypto investment products focused on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) rebounded in a huge way last week, with inflows of over $190,000,000.
According to the latest CoinShares Digital Asset Fund Flows Weekly report, the European markets helped boost crypto investment products to their highest inflows since late last year.
“Digital asset investment products saw inflows totaling US$193m last week, the largest since mid-December 2021…
Regionally, the majority (76%) of inflows came from Europe at US$147m, while the Americas lagged at US$45m, with some providers continuing to see minor outflows.”
In step with its market share, leading crypto asset Bitcoin (BTC) reflected investor sentiment the heaviest, enjoying $98 million in inflows last week.
Ethereum (ETH), the second-largest crypto by market cap, typically endures inflows and outflows in step with its share of the crypto market dominance.
While Ethereum products did take in $10.2 million in investor inflows last week, smart contract platform and Ethereum-challenger Solana (SOL) far outperformed ETH, having its single largest week of inflows on record.
“Solana saw the largest single week of inflows on record totaling US$87m, representing 36% of AuM [assets under management]. AuM now sits at US$241m, making it the 5th largest investment product and the largest single altcoin other than Ethereum.”
Solana enjoying larger inflows than Ethereum is not the only unusual pattern reflected in last week’s investment activity. Multi-asset investment products, those investing in multiple cryptos, suffered outflows last week for only the second time in 2022, losing $5.5 million.
Digital asset investment products focused on altcoins Cardano (ADA), Polkadot (DOT) and Cosmos (ATOM) enjoyed small inflows last week, totaling $1.8 million, $1.2 million and $0.8 million, respectively.
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Author: Daily Hodl Staff
