Institutional Cryptocurrency Investments Continue to Surge
CoinShares, a digital asset manager, has reported that for the eighth straight week, institutional cryptocurrency products have experienced whole lot of inflows across the board. According to CoinShares’ Digital Asset Fund Flows report, institutional investors are consistently increasing their cryptocurrency allocations, with Solana (SOL) investment products leading the charge for altcoins.
Year-to-date inflows have reached a total of United States $1.32 billion, with past week alone bringing in United States $176 Million of inflows.
The yearly inflows remain below those of 2021 and 2020, amounting to United States $10.7 Billion and United States $6.6 billion, respectively.
ETPs continue to drive a surge in trading volumes, with weekly trading volumes averaging United States $3 billion, double this year’s average of United States $1.5 billion. Notably, ETP share of total cryptocurrency volumes has been growing to an average of 11%, well over the long-term historical average of 3.4% and the averages seen in the 2020/21 bull market.
Bitcoin, Solana (SOL) and Altcoins Attract Institutional Inflows
Bitcoin (BTC) saw inflows of $154.7 Million, while Solana (SOL) products attracted $13.6 Million as the interest in this Ethereum (ETH) competitor continues to grow. Ethereum (ETH) enjoyed $3.3 Million in inflows, while Litecoin (LTC), Cardano (ADA), and XRP products each brought in less than a million.
Institutional investors’ interest in cryptocurrency continues to grow, with whole lot of inflows reported for the eighth straight week. Solana (SOL) Bitcoin, and Ethereum (ETH) are leading the way, signaling increased adoption of digital assets between institutional investors.
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