Institutional investors are shifting the amount of capital they’re allocating to the crypto markets, with a surprise altcoin suddenly on their radar.
According to the digital asset management firm CoinShares, crypto investment products enjoyed a 12th consecutive week of inflows from institutions.
Seemingly out of nowhere, Tron (TRX) surged near the top of the altcoin list, recording $21.9 million in inflows over the past week.
Ethereum, Solana (SOL), Polkadot (DOT), Cardano (ADA) and XRP also recorded notable weekly inflows, according to the crypto investing firm.
In the week that ended November 5th, Ethereum recorded $31.4 million in inflows, Solana registered $9.6 million in inflows while Polkadot and Cardano recorded $8.5 million and $5 million in inflows, respectively. Inflows into XRP over the same period reached $2.5 million.
Over the past week, Bitcoin (BTC) saw the largest volume of inflows among all crypto assets. Year-to-date, the flagship cryptocurrency has registered inflows of over $6 billion.
“Bitcoin saw inflows totaling US$95m last week, representing the largest inflows of all digital assets. Inflows in this 8-week bull run now total US$2.8bn, with year-to-date inflows now at a record US$6.4bn.”
You can read the full report here.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/andreync/Andy Chipus/Sensvector