Institutional investors are buying Solana (SOL) en masse. A third of the inflows into crypto investment products last week went to instruments tracking Solana.
According to a weekly report on Monday’s digital asset flows from CoinShares, $ 7.1 million was poured into Solana investment products between August 15 and Friday.
In the same period, the SOL price only increased by 1.4 percent on the spot markets, but since the beginning of August the coin has risen from 35.58 US dollars and 110 percent to 75 US dollars.
The CoinShares report states that institutional crypto investment products have bucked a trend that has only been outflows for six weeks. Around 21 million US dollars flowed into this sector in the last week.
Products following the course of Cardano (ADA) when this week ranked second among the most popular products. A total of 6.4 million US dollars went into this. $ 3.2 million went into products that track the price of Ether (ETH). $ 1.8 million went into Litecoin (LTC) and $ 1.1 million into Polkadot’s DOT.
Institutional Bitcoin (BTC) products saw outflows of $ 2.8 million over the week. This is the seventh week with drains in a row. BTC has fallen 6 percent over the same period.
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The report said the assets under management of issuers of crypto investment products rose to $ 57.3 billion this week as the market rallied. That is the highest level since mid-May 2021. At the time, assets under management reached around 66 billion US dollars at the height of the bull market.
Leading institutional asset manager Grayscale accounts for three-quarters of this sector at $ 42.6 billion.
However, the inflows from the individual providers were different. The CoinShares XBT and ETC Issuance funds lost $ 9.5 million and $ 9.4 million, respectively, while 21shares, CoinShares Physical and 3iQ received inflows of $ 20.8 million, 14.7 each $ Million and $ 10.8 million.