Institutional Investors Are Very Interested in Solana
Institutional investors have turned their close attention to Solana-based products. Last week, investment inflow increased by 388%.
According to CoinShares’ Sept 7 Weekly Digital Asset Funds Flow Report, over the past week, nearly 40% of digital asset investment product inflows have gone to altcoin tracking tools.
Between August 30 and September 3, $38.9 million was invested in altcoin products. There has also been a significant increase of the institutional investment in cryptocurrency.
Approximately 35% of the capital invested in institutional crypto investment products is currently locked in the instruments that track other assets than Bitcoin.
Ethereum (ETH) tracking products recorded an inflow of $14.4 million, down 16.2% from the previous week.
However, last week, investors were mostlyinterested in products based on Solana (SOL) – 388% inflow was recorded. At the same time, SOL products consumed $13.2 million. This coincided with a 37% rise in the SOL price over the same period.
CoinShares highlighted that the inflow of Solana products doubled YTD (YTD) last week, with $25 million invested in SOL instruments for the entire 2021. SOL-based products currently stand at $44 million in Total Assets Under Management (AUM).
Funds based on Cardano (ADA) and Polkadot (DOT) also received notable inflows of $6.5 million and $2.7 million, respectively.