Ethereum Rival Attracts Institutional Investors as Crypto Inflows Surge
Digital assets manager CoinShares reports that institutional investors are favoring an Ethereum (ETH) competitor as the cryptocurrency market experiences its largest inflows in months.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares reveals that digital assets received $78 million in inflows last week, marking the second consecutive week of positive inflows.
Most of the inflows originated from Europe, while North American markets saw significantly lower levels of inflows.
Bitcoin (BTC) dominated the inflows, with $43 million invested last week. Other altcoins also experienced inflows, including Ethereum with $10.2 million, Cardano (ADA) with $0.2 million, and multi-asset products with $0.4 million. However, Solana (SOL), an Ethereum competitor, emerged as the big winner with nearly $24 million in inflows.
Hot Take: Solana Emerges as Preferred Altcoin for Institutions
Institutional investors are increasingly turning to Solana as their altcoin of choice, according to CoinShares’ latest report on digital asset fund flows. The cryptocurrency market witnessed its largest inflows since July, with a total of $78 million invested last week. While Bitcoin took the majority share of these inflows at $43 million, Solana attracted significant attention with almost $24 million in investments. CoinShares suggests that Solana’s popularity is due to its growing reputation as a strong alternative to Ethereum. With recent Ethereum product launches, Solana has continued to assert itself as a preferred altcoin for institutional investors.
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