Solana Attracts Institutional Investors with Inflows of $15.5 Million
Solana has recently gained favor among institutional investors, resulting in a significant increase in inflows for the altcoin. Last week, Solana recorded a substantial amount of inflows compared to Ethereum.
Inflows Reach $15.5 Million
According to the latest CoinShares report, Solana received $15.5 million in inflows for the past week. In contrast, Ethereum experienced outflows of $7.4 million during the same period.
As a result of these recent inflows, the total Assets under Management (AuM) for Solana have reached $74 million. This represents a 47% year-to-date increase, while Ethereum’s AuM has continuously dropped this year and currently stands at $119 million in outflows year-to-date.
Cardano and Other Altcoins
Cardano also saw inflows, albeit to a lesser extent, with $0.1 million coming in for the week. This brings its total AuM to $24 million, with a year-to-date increase of $6 million. Other investment products experienced inflows of $0.9 million, bringing their AuM to $76 million.
On the other hand, multi-asset products faced outflows of $0.6 million, resulting in an AuM decrease to $1.17 billion year-to-date.
Bitcoin Dominates Inflows
Bitcoin continues to attract significant inflows, surpassing Solana in terms of numbers. The leading cryptocurrency received $55.3 million in inflows, bringing its AuM to $24.205 billion. Bitcoin’s month-to-date inflows currently stand at an impressive $111.9 million.
Furthermore, Bitcoin’s year-to-date inflows remain high at $315 million, solidifying its position as the most sought-after asset among institutional investors.
Inflows for Short Bitcoin Products
Short Bitcoin products also experienced inflows, with weekly inflows of $1.6 million and month-to-date inflows of $4.5 million. Year-to-date inflows for short Bitcoin products reached $46 million, resulting in an AuM of $99 million. The total AuM of crypto investment products now stands at nearly $33 billion.
Hot Take: CoinShares Report Highlights Inflows and Spot Bitcoin ETF Anticipation
The CoinShares report states that total Assets under Management (AuM) have increased by 15% since early September, reaching nearly $33 billion, the highest point since mid-August. The report suggests that the recent inflows may be linked to the excitement and anticipation surrounding the potential approval of a Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC). However, these numbers are significantly lower compared to when asset manager BlackRock first announced its filing for a Spot Bitcoin ETF.
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