• With $50 million in institutional inflows last week, Solana (SOL) outperformed the top ten cryptocurrencies

  • Bitcoin and Ethereum, the two largest crypto assets by market cap, have received significant support from institutional investors around the world at various times. According to a recent CoinShares report, the latest crypto asset to see an influx of institutional investors is Solana.

    SOL dominates cryptocurrency inflows.

    According to available data, SOL accounted for more than 80% of total weekly inflows of crypto investment products. According to the data, total inflows into crypto investment products for the period under consideration totaled $57 million, with Solana receiving $49.4 million of the total.

    “During last week’s price drops, Solana’s price was a stalwart, outperforming a basket of the top ten digital assets by 34%, after rising 24% week on week. This was reflected in inflows that dwarfed any other digital asset, amounting to nearly $50 million. “A combination of price appreciation and inflows has increased Solana’s assets under management (AUM) to US$97 million, making it the fifth largest of all investment products,” according to the report.

    Another intriguing aspect of the report is that the crypto space has seen an increase in inflows in recent weeks. However, according to CoinShares, the two largest crypto assets have performed below expectations during the period. According to the report, BTC inflows for the week totaled around $200,000, while ETH saw an outflow of more than $6 million as institutional investors decided to profit from the decline in its value.

    Other altcoins have grown in popularity as this group of investors continues to seek ways to diversify their portfolios. “The trend of diversification among investors continues, with inflows into Cardano, multi-asset, XRP, and Polkadot totaling US$3.5 million, $3.2 million, $3.1 million, and $1.7 million, respectively,” according to the report.

    The expansion of Solana continues.

    This year has seen tremendous growth for Solana, with its value increasing by over 10,000%. If an investor had only put $100 into the asset, he would now have $13,800.

    Its rise above other digital assets such as XRP, Dogecoin, and others in the market capitalization ranking demonstrates its growth. According to CoinMarketCap data, it is currently the seventh largest digital asset by market cap.

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