Institutional traders flocked to Solana (SOL) as demand for Ether (ETH) and Bitcoin (BTC) dwindled, with SOL investment products representing 86.6 percent of total weekly crypto investment products last week.
CoinShares report: Ether and Bitcoin inflows down, flocking to Solana
According to a report by digital asset manager CoinShares, institutional investors continued to buy Solana investment products despite the market correction last week. SOL investment products saw an inflow of $49.4 million between September 6 and September 10. Given that the total inflows for cryptocurrencies are $57 million, Solana represents 86.6 percent of that total.
Solana prices have soared more than 13,000 percent this year, hitting an all-time high of $213.47 on September 9. Solana surpassed XRP as the sixth-largest cryptocurrency by market capitalization last week. CoinShares Investment Strategist James Butterfill used the following statements in the report:
During last week’s price dips, Solana’s price performed solidly, up 24 percent from the previous week, outpacing the top 10 cryptocurrencies by 34 percent. A combination of price hikes and inflows now brings Solana assets under management (AUM) to $97 million, the 5th largest of all investment products.
Cryptocurrency funds inflows plummet
cryptocoin.com As we reported, last week the value of total assets managed (AUM) across all cryptocurrency fund providers dropped to $56.3 billion from $62.5 billion the previous week. Bitcoin, the largest cryptocurrency by market cap, makes up the majority of total cryptocurrencies under management with $37 billion, followed by Ethereum at $15 billion.
CoinShares’ cryptocurrency investment products saw $57 million in inflows last week for its fourth consecutive week of positives. Bitcoin has seen a small inflow of $0.2 million, while Ether has seen minor outflows of $6.3 million.
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