Two Ethereum Rivals ‘Firm Favorites’ for Institutions As Crypto Sees 11-Straight Weeks of Inflows: CoinShares
Digital assets manager CoinShares says that digital asset investment products just experienced their eleventh consecutive week of inflows.
In its latest fund flows report, CoinShares says digital asset investment products saw inflows of over $40 million last week.
“Digital asset investment products saw inflows totaling US $43 million, the 11th consecutive week of inflows, but a marked decline relative to prior weeks. Recent price appreciation has also led to significant inflows into short positions as some investors see price downside potential.”
While crypto king Bitcoin (BTC) once again led inflows with $20 million, CoinShares says Ethereum (ETH)-rivals Solana (SOL) and Avalanche (AVAX) are institutions’ “firm favorites” for altcoins.
“Solana and Avalanche saw inflows of US$3m and US$2m respectively, remaining firm favorites in the altcoin space.”
Meanwhile, ETH saw its sixth week of consecutive inflows with $10 million.
Litecoin (LTC) and XRP products brought in $0.7 million and $0.8 million a piece.
CoinShares also finds that last week’s inflows had a strong regional bias as well.
“Regionally, Europe continues to dominate the inflows, seeing US $43 million of inflows, while the US saw only US $14 million of inflows, with half of that being inflows into short positions. Hong Kong saw its second week of outflows totaling US $8 million, Brazil also saw minor outflows of US $4.6 million.”
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The post Two Ethereum Rivals ‘Firm Favorites’ for Institutions As Crypto Sees 11-Straight Weeks of Inflows: CoinShares appeared first on The Daily Hodl.
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Author: Daily Hodl Staff
