Solana (SOL) attracts more institutional inflows than Bitcoin (BTC) and Ethereum (ETH) combined

Tue 14 Sep 2021 ▪ 11h51 ▪ 3 min read — by Katie Donaldson

The market saw inflows of $50 million (~£36 million) in SOL investment products last week alone, meanwhile it was a miniscule $200,000 (~£144,000) for BTC investment products and outflows of $6 million (~£4.33 million) from ETH investment products.

The altcoin has attracted more institutional investments than Ripple (XRP), Cardano (ADA) and Polkadot (DOT). In fact, the cryptocurrency is only $1 billion (~£720 million) away from pushing Ripple off its sixth place.

SOL continues to succeed 

The inflows to Solana products coincided with its price gaining more than 35% over the same period. The recent digital asset weekly fund flows report published by CoinShares concluded:

“During last week’s price falls, Solana’s price was a stalwart, outperforming a basket of the top 10 digital assets by 34%, having risen 24% week-on-week. This was reflected with inflows, dwarfing any other digital asset, totaling almost $50 million (~£36 million). A combination of price appreciation and inflows now brings Solana’s assets under management to $97 million (~£69 million), the 5th largest of all investment products.”

SOL’s price action is another reason why institutional investors continue to flock to the cryptocurrency. SOL jumped by nearly 300% in the last 4 weeks. Solana touched an all-time high (ATH) of $210 on 9th September with the following correction. Currently, Solana is trading near $170 with a market cap of $50 billion (~£36 billion).

Institutional asset managers currently represent a total AUM of $56.3 billion (~£40 billion), which is a decrease of 9% compared to the week before, although the market saw a serious pullback.

Investors continue to diversify their digital asset portfolios. Inflows into Cardano, multi-asset products, XRP and Polkadot last week were $3.5 million (~£2.5 million), $3.2 million (~£2.3 million), $3.1 million (~£2.2 million) and $1.7 million (~£1.2 million), respectively. 

Institutional investors are still buying into Solana investment products despite the market’s current state.

Subscribe to our daily and weekly newsletter service to receive a digest of the latest news in the cryptosphere and never miss out on any of the Cointribune's highlights!

User Image
Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Prices & Indices

BITCOIN (BTCUSD) $29,777.24 -2.13%
ETHEREUM (ETHUSD) Ξ $2,022.02 -3.22%
DEFI (DEFIPERP) $3,799.10 -4.04%
MARKETS (ACWI) $90.65 2.03%
GOLD (XAUUSD) $1,815.48 0.03%
TECH (NDX) $12,564.10 2.63%
CURRENCIES (EURUSD) $1.05 -0.27%
CURRENCIES (EURGBP) £0.848790 0.57%
CRUDEOIL (USOIL) $114.07 0.49%
IMM. US (REIT) $2,530.96 1.27%
The percentage expresses the change over the past 24 hours BUY CRYPTOS WITHOUT RISK
Newsletter

Receive the latest and best crypto news directly to your inbox et tentez de gagner 0.2 ETH en vous inscrivant aujourd'hui

Crytocurrency Guides
You must complete the form to receive your document.