A leading digital assets manager finds institutional investors are buying into Solana (SOL) over Ethereum (ETH) as markets tumble.
In the latest Digital Asset Fund Flows Weekly report, CoinShares says Ethereum investment products have suffered over 10 weeks of consecutive outflows ahead of what’s known as “the merge,” which is Ethereum’s plan to transition to a proof-of-stake system.
“Ethereum continues to suffer with outflows totaling $70 million last week having suffered 11 straight weeks of outflows, bringing year-to-date outflows to $459 million. Solana looks to be benefitting from investors’ worries over The Merge (ETH2), with inflows of $0.7 million last week and $109 million year-to-date.”
“Bitcoin saw inflows totaling $28 million last week and looks to be benefitting from weak prices with month-to-date inflows at $46 million.”
CoinShares says Bitcoin’s nearly $30 million week wasn’t enough to save the overall digital asset investment product market, which suffered outflows totaling nearly $40 million last week. However, Coinshares finds that despite the recent negative sentiment, year-to-date flows remain positive at $403 million.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/Sergey Nivens