Institutional Appetite Soars as Solana Funds Lead Altcoin Fund Inflows
Crypto institutional products saw huge inflows in the last seven days with Bitcoin (BTC) and Solana (SOL) funds attracting bullish sentiments. Solanas products have shown signs of its 2023 run after netting consecutive weekly inflows. The wider market remains bullish as whales brace for new highs to end Uptober. On the flipside, several altcoins saw outflows without leveraging Bitcoins drive.
Solana Bags $10 Million Investments
Solana, popularly referred to as an institutional investor favorite, recorded $10.8 million in inflows last week as digital asset optimism grew. This puts monthly figures at $17.9 million, while year-to-date (YTD) figures topped $69 million. Solana remains a leader among altcoin ETPs, gaining ground for several reasons.
Last week, SOL products amassed $2.4 million, increasing their inflows this year. The asset was dubbed a favorite because of its performance despite major outflows from Ethereum and other assets. At press time, SOL assets under management hit $1.4 billion, behind only Bitcoin and Ethereum.
CoinShares analysts explained the reason for the heightened investment in January: the upcoming United States elections. The November polls, just days away, have ignited an uphill movement for crypto assets because both candidates have pointed to improved crypto regulations in the country.
This comes after the US SEC has sued crypto firms and executives, citing a breach of federal securities law. Solana funds have also attracted inflows due to its anticipated ETF in the United States. Crypto whales pointed to Bitcoin ETFs success this year as a major index for anticipated inflows to Solana should the SEC approve the funds.
Bitcoin Dominates Asset Inflows
Bitcoin, the digital asset leader by market capitalization, has topped gains in the last seven days. BTC funds attracted $920 million in inflows, occupying the spotlight as its price soared. This month became the fourth-highest institutional investment as Republican polls grew. In contrast, Ethereum saw outflows totaling $35 million despite industry growth.
Geographically, the U.S. led inflows followed by other jurisdictions. Regionally, the US saw the highest inflows at US$906m. In contrast, the rest of the world showed a mixed picture: Germany and Switzerland recorded inflows of US$14.7m and US$9.2m, respectively, while Canada, Brazil, and Hong Kong experienced modest outflows of US$10.1m, US$3.6m, and US$2.7m, respectively, CoinShares wrote.
Read more: https://zycrypto.com/institutional-appetite-soars-as-solana-funds-lead-altcoin-fund-inflows/
Text source: ZyCrypto
