Solana represented one-third of total inflows to institutional crypto investment products this past week.
Institutional investors are loading up on Solana (SOL), with one-third of inflows to crypto investment products being invested in instruments tracking Solana this past week.
According to CoinShares’ Aug. 23 Digital Asset Fund Flows Weekly report, $7.1 million flowed into Solana investment products between Aug. 15 and Aug. 20.
While the price of SOL gained a megre 1.4% on the spot markets over the same period, SOL has gained 110% from $35.58 since the start of August to trade for $75 as of this writing.
CoinShares’ report notes that institutional crypto investment products bucked a six-week trend of outflows, with roughly $21 million flowing into the sector this past week.
Products tracking Cardano (ADA) were the second-most popular for the week with inflows totaling $6.4 million. Institutions also poured $3.2 million into products tracking Ethereum (ETH), $1.8 million into Litecoin (LTC), and $1.1 million into Polkadot (DOT).
Institutional BTC products saw outflows of $2.8 million for the week — marking the seventh consecutive week of outflows for Bitcoin. BTC shed 6% over the same period.
Related: Pro traders are mildly skeptical about Bitcoin’s recent return to $50K
The report noted that the value of assets under management (AUM) by crypto investment product issuers increased to $57.3 billion as the markets rallied this week — its largest level since peaking at around $66 billion during the heights of the 2021 bull market in mid-May.
Leading institutional asset manager Grayscale represents three-quarters of the sector’s AUM with $42.6 billion.
Flows across asset providers were mixed however, with the Coinshares XBT, ETC Issuance funds shedding $9.5 million and $9.4 million, while 21shares, CoinShares Physical and 3iQ posted inflows of $21.8 million, $14.7 million and $10.8 million respectively.
Source:cointelegraph.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
XRP (XRP) | 18.52 | $0.727106 | $4.4B |
Solana (SOL) | 1.58 | $147.242060 | $3.8B |
Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |