Last Week, Institutional Investors Preferred Solana to Bitcoin
Last week, institutional investor interest focused on Solana (SOL), and a third of crypto product inflows invested in tools that track Solana.
According to CoinShares’ Weekly Digital Asset Fund Movement Report on August 23, $7.1 million was invested in Solana investment products between August 15 and August 20.
During the same period, the SOL price in the spot markets increased by 1.4%. Since early August, SOL has risen 110% from $35.58 to $75 at the time of this writing.
A report from CoinShares notes that nearly $21 million was received in institutional crypto investment products last week.
The second most popular among institutional investors were Cardano Tracking Products (ADA). They invested $6.4 million.
The institutions have also invested $3.2 million in Ethereum (ETH) tracking products, $1.8 million in Litecoin (LTC), and $1.1 million in Polkadot (DOT).
Institutional investors seem to have turned their backs on BTC products. Over the past week, investment outflow amounted to $2.8 million. During the same period, the Bitcoin exchange rate fell by 6%.
It means that for the seventh week in a row, institutions are withdrawing funds from Bitcoin investment products.