2021-8-25 13:41 |
Institutional investors may have come to the crypto industry for Bitcoin, but after breaking the ice, they are finally turning their gaze towards numerous other assets that offer just as much, if not more, potential. The biggest example of this is Solana (SOL/USD), which has attracted no less than one-third of inflows to crypto investment products from institutional traders and investors over the past week.
The discovery of Solana’s new levels of popularity was made by CoinShares and was published in the company’s report only yesterday, August 23rd. The report, titled Digital Asset Fund Flows Weekly, says that $7.1 million went into Solana investment products in only five days between August 15th and August 20th.
Unfortunately, this increased interest was not reflected by the asset’s price, which only grew by 1.4% during that time, but the project’s cryptocurrency did see impressive growth in August, overall. Since the start of the month, SOL has gone up by 110%, skyrocketing from $35 to $75.
How did the other assets perform?The report published by CoinShares also looked into crypto inflows and outflows, in general, noting that institutional investment products bucked a six-week trend when it comes to outflows. Approximately $21 million was spotted flowing into the crypto industry over the last seven days.
The second-most popular product was, unsurprisingly, Cardano (ADA/USD), which saw inflows of $6.4 million within the week, while only half of that amount ($3.2 million) went into Ethereum. $1.8m went into LTC, while $1.1 million was spotted flowing into Polkadot (DOT/USD).
The really interesting part is that Bitcoin products meant for institutional investors are still seeing outflows, with $2.8 million flowing out over the past week, which is the seventh consecutive week during which this has been happening. The coin lost 6% off of its value during this period.
In general, however, the value of assets under management by crypto products is still on the rise, growing to $57.3 billion during this week’s market rally. This is not a new ATH — that amount is still at $66 billion — but it is a positive movement.
The post Institutional investors turn their gaze to Solana (SOL) appeared first on Invezz.
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