Solana (SOL) outperformed top 10 cryptos with $50 million in institutional inflows last week
A CoinShare report has revealed that Solana is seeing an influx of institutional investors.
Bitcoin and Ethereum, the two largest crypto assets by market cap, at varying times have enjoyed a high level of patronage from institutional investors around the world. However, according to a recent report by CoinShares, the latest crypto asset to be enjoying an influx of institutional investors is Solana.
SOL dominates crypto inflow
Per available data, SOL saw over 80 percent of the total weekly inflows of crypto investment products. The data continued that all inflows into crypto investment products for the period under consideration were $57 million, with Solana seeing $49.4 million of the inflows.
“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 $50 million. 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,” the report reads in part.
Another interesting part of the report reads that the crypto space has seen more inflows in recent weeks. According to CoinShares, the two largest crypto assets have however been performing below expectations within the period. The report stated that BTC inflow for the week stood at only around $200,000 while ETH saw an outflow of over $6 million as institutional investors decided to cash in on the decline of its value.
For other altcoins, they have enjoyed growth as this class of investors continues to look for means to diversify their portfolios. “The trend of diversification remains intact amongst investors, with inflows into Cardano, multi-asset, XRP, and Polkadot totaling US$3.5m, $3.2 million, $3.1 million, and $1.7 million respectively,” the report added.
Solana growth continues
Solana has enjoyed tremendous growth this year with its value growing by over 10,000 percent. If an investor had invested as little as $100 on the asset, he would have $13,800 presently.
Its growth can be seen in its rise above other digital assets like XRP, Dogecoin, and others in the market capitalization ranking. Presently, it is the 7th largest digital asset by market cap according to available data from CoinMarketCap.