Altcoin Solana Continues to Win Over Institutional Investors
If you’re keeping an eye on the altcoin market, there’s one Ethereum rival that’s standing out this year. According to a recent report by digital assets manager CoinShares, Solana (SOL) is the “most loved” altcoin among institutional investors. Despite the overall digital asset market experiencing minor outflows, Solana has seen inflows for the ninth consecutive week.
In fact, last week alone, Solana attracted $0.7 million in inflows, bringing its year-to-date inflows to a total of $26 million. This suggests that Solana has captured the attention and affection of investors.
On the flip side, the report reveals that the overall digital assets market experienced outflows of over $11 million. Bitcoin (BTC), Polygon (MATIC), and Ethereum also saw outflows of $3.8 million, $8.6 million, and $3.2 million, respectively.
However, despite the outflows, trading volumes remain high. In fact, they were 90% above the year-to-date average, totaling $2.8 billion for the week.
Hot Take: Solana’s Rising Popularity Highlights the Shift in Investor Sentiment
The increasing inflows into Solana and the high trading volumes indicate a shift in investor sentiment towards this altcoin. While other digital assets faced outflows, Solana’s consistent inflows suggest growing confidence and interest in its potential. Institutional investors are clearly recognizing Solana as an attractive investment opportunity, which could have a significant impact on its future growth and adoption.
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