Coinshares: Institutions give preference to SOL products

Get real time updates directly on you device, subscribe now.

Institutional traders’ interest in SOL is growing at the same time as demand for BTC and ETH products decreases. Over 86% of institutional investments last week were in SOL.

According to the latest report from CoinShares, between September 6-10, $ 49.4 million in institutional money entered investment products on Solana (SOL). The aggregate total inflow of money into cryptocurrency products was $ 57 million in a week, while investments in SOL-related instruments grew by 275% over the period and reached 86.6% of the total inflow of investments.

A sharp influx of investment into SOL products coincided with a 36% rise in the price of a crypto asset over the same period:

“The combination of price growth and capital inflows increased SOL’s product volume to $ 97 million and placed them in fifth place among all institutional investment products.”

Institutional investment in cryptocurrency products continues to grow for the fourth consecutive week, with demand for altcoins far outstripping interest in BTC products. Despite the long-awaited rollout of smart contracts in Cardano, investment in ADA-related products was down 46% from the previous week.

CoinShares estimates that $ 56.3 billion worth of crypto assets are now under the management of institutional asset managers, down 9% from a week earlier as crypto markets declined last week.

CoinShares XBT and Purpose lost $ 24.7 million and $ 45.5 million, respectively, while 21Shares, ETC Group and CoinShares gained $ 75 million, $ 13 million and $ 6.1 million, respectively. Grayscale maintains a dominant position. The company manages 74% of crypto assets worth $ 41.8 billion.

Recall that at the end of August, CoinShares analysts observed an outflow of investments from bitcoin funds into similar products for altcoins.

Source Link

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.