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October 23, 2023

Solana Leads the Way As Institutions Pour Millions Into Crypto Markets Amid Bitcoin ETF Excitement: CoinShares

By Daily Hodl Staff

Digital assets manager CoinShares says Ethereum (ETH) rival Solana (SOL) is an institutional favorite as the crypto market boils over with Bitcoin (BTC) exchange-traded fund (ETF) fervor.

In its latest Digital Asset Fund Flows report, CoinShares finds that institutional investors have poured more money into Solana than any other non-BTC digital asset over the last week and year.

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“Solana saw a further US$15.5m inflows last week, bringing year-to-date inflows to US$74m (47% of AuM [assets under management]) — making it the most popular altcoin this year so far.”

Overall, the digital assets markets saw their fourth week of institutional inflows in a row. According to CoinShares, some of the momentum may come from a growing anticipation of the approval of a spot Bitcoin ETF in the United States.

“Digital asset investment products saw inflows for the 4th consecutive week totaling US$66m. Total AuM has now risen to US$33bn.

While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time around.”

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Source: CoinShares

BTC institutional investment products raked in over $55 million in inflows last week, while short BTC products took in $1.6 million.

While altcoins Binance Coin (BNB) and Cardano (ADA) enjoyed minor inflows of $0.2 million and $0.1 million respectively, Ethereum (ETH) products bled out $7.4 million.

“Continued concerns over Ethereum have led to further outflows of US$7.4m, the only altcoin to see outflows last week.”

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