Solana Surpasses Weekly Institutional Inflows of Bitcoin and Ethereum

Solana, the world’s 7th most valuable digital currency, is becoming popular among institutional investors. Last week, Solana attracted more institutional inflows than Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, XRP, Cardano and Polkadot.

According to the recent digital asset weekly fund flows report published by CoinShares, Solana investment products saw inflows worth approximately $50 million last week, compared to minor inflows of $0.2 million in BTC investment products and outflows of nearly $6 million from ETH investment products.

One of the key reasons behind the rising popularity of Solana among institutional investors is its price action. SOL has increased by nearly 300% in the last 4 weeks. Solana touched an all-time high of $210 on 9 September 2021, but it saw a correction in the following days. Currently, Solana is trading near $170 with a market cap of $50 billion.

“During last week’s price falls, Solana’s price was a stalwart, outperforming a basket of the top 10 digital assets by 34%, having risen 24% week-on-week. This was reflected with inflows, dwarfing any other digital asset, totaling almost US$50m. A combination of price appreciation and inflows now brings Solana’s assets under management (AuM) to US$97m, the 5th largest of all investment products,” CoinShares mentioned in the report.

During the recent bullish rally, Solana crossed the market cap of XRP and became the world’s 6th most valuable digital asset.

Solana and Altcoins

Since the start of August 2021, institutional investors have started diversifying their investment portfolios through investment in different altcoins including Solana, Cardano, XRP and Polkadot. “The trend of diversification remains intact amongst investors, with inflows into Cardano, multi-asset, XRP and Polkadot totaling US$3.5m, US$3.2m, US$3.1 and US$1.7m, respectively. Digital asset investment products saw inflows totaling US$57m last week, posting their 4th week of inflows. Volumes in investment products have now risen 143% since their lows in early July to US$3.8bn,” the report added.

The overall share of altcoins in the global crypto assets under management (AUM) has increased sharply in the last 4 weeks.