CoinShares: Solana is the Top Altcoin Choice for Institutional Investors
Crypto assets manager CoinShares has revealed that institutional investors have a strong preference for Solana (SOL), an Ethereum (ETH) competitor. According to CoinShares’ Digital Asset Fund Flows Weekly Report, Solana has seen inflows of $31 million this year.
The positive trend for Solana continued in the week ending September 29th, with inflows of $5 million. This marks its 27th week of inflows and only four weeks of outflows in 2023, making it the most loved altcoin this year. In contrast, Ethereum saw outflows for the seventh consecutive week, totaling $1.5 million, making it the least favored altcoin.
Bitcoin (BTC) also recorded significant inflows during the same week. CoinShares reported that digital asset investment products had a combined weekly inflow of approximately $21.2 million over this period, marking the first time in one and a half months that such inflows were recorded.
The late-week inflows are believed to be a reaction to positive price momentum, concerns about US government debt prices, and recent issues surrounding government funding. However, both the investment product market and the broader crypto market still have relatively low volumes.
Hot Take: Solana Dominates Institutional Investment Preferences
Solana’s popularity among institutional investors as an alternative to Ethereum has been confirmed by CoinShares’ latest report. With consistent inflows and minimal outflows throughout the year, Solana has emerged as the favorite altcoin among institutions. In contrast, Ethereum has experienced continuous outflows, making it less favored in comparison.
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