Data from leading digital asset manager CoinShares suggests that throughout 2022, institutional investors have shown a heavy preference to smart contract platform Solana (SOL).
According to the latest CoinShares Digital Asset Fund Flows Weekly report, institutional investors have poured over $108 million into Solana (SOL) investment products this year, the most of any altcoin by far, including Ethereum.
Solana’s inflows from last week bring the smart contract platform’s year-to-date (YTD) net flows to nearly $500 million more than the leading smart contract platform ETH’s YTD flows.
Bitcoin (BTC), leading the pack with YTD flows of $450.8 million, suffered outflows of nearly $57 million last week. Ethereum, continuing its 2022 downslide, lost $40.7 million in outflows last week.
Litecoin (LTC), Cardano (ADA), and XRP institutional investment products saw $0.2 million in inflows a piece last week, bringing their YTD inflows to $2.9 million, $9.4 million, and $6 million, respectively.
Multi-asset investment products, those investing in more than one digital asset, suffered outflows of $4.7 million last week, bringing the category’s YTD inflows to nearly $200 million.
CoinShares hypothesizes market anticipation of rising interest rates has led to steady outflows in the crypto markets.
“Digital asset investment products flows remain choppy in anticipation of hawkish monetary policy, with steady daily outflows last week totaling US$102m. What has pushed Bitcoin into a “crypto winter” over the last 6 months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve.”
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/Valeriya Novozhonova/Tun_Thanakorn
