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.”
As Solana benefits from Ethereum’s continued suffering, Bitcoin (BTC) institutional investment products saw inflows totaling $28 million last week, according to the firm.
“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.
Binance Coin (BNB) and Litecoin (LTC) products also enjoyed inflows last week, as well as multi-asset digital investment products, those investing in more than one digital asset.
Other altcoin products also suffered outflows last week, with Tron (TRX), Polkadot (DOT) and Cardano (ADA) all losing less than $1 million a piece.
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