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Crypto News Flash (EN)

11/21/2023

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Solana Leads in Consecutive Week of Institutional Inflows - Report

Solana, Ethereum, and Cardano have led in institutional investment, this is the 8th consecutive week with positive inflows. According to the latest report, Exchange-traded products (ETP) account for 11...

Solana Leads in Consecutive Week of Institutional Inflows - Report

Anatoly Yakovenko, the co-founder of Solana Labs, believes that using Ethereum (ETH) as a layer-2 solution for the Solana (SOL) blockchain is a viable concept, despite some limitations and potential risks.

  • Solana, Ethereum, and Cardano have led in institutional investment, this is the 8th consecutive week with positive inflows.
  • According to the latest report, Exchange-traded products (ETP) account for 11 percent of the total crypto volumes.

The latest CoinShares report shows that Bitcoin (BTC) continues to lead in institutional investment. Undoubtedly, this is a result of institutional interest driven by the imminent approval of a Bitcoin spot ETF. According to the report published by the European leading alternative asset manager, BTC recorded around $155 million in institutional inflows.

In the altcoins front, Solana (SOL) has by far been leading in institutional inflows. In the 47th week of the year, SOL recorded nearly $13.6 million in inflows. Ethereum (ETH) and Avalanche (AVAX) followed in 2nd and 3rd with $3.3 million and $1.8 million in inflows consecutively.

🟢 Digital asset investment products saw an 8th consecutive week of inflows!
👉 Week 47 inflows: US$176m.
🔗 https://t.co/PgcIrIGcCM

📊ETP share of total crypto volumes: 11%.
👉 This is higher than the long-term historical average of 3.4%
👉 This is above the averages seen in… pic.twitter.com/I8eHbz4VaP

— CoinShares (@CoinSharesCo) November 20, 2023

Following the latest data, this is the 8th consecutive week with positive inflows. BTC has continued to dominate, with the last week of Exchange-traded products (ETP) inflows representing 3.4 percent of assets under management (AuM). The report notes that this is higher than the long-term historical average of 3.4 percent recorded in the 2020/21 bull market.

The report notes;

Trading volumes in ETPs have averaged US $3 billion per week, double this year’s average of US $1.5 billion. Interestingly, ETP share of total crypto volumes is rising, averaging 11% compared to the long-term historical average of 3.4%, and well above the averages seen in the 2020/21 bull market.

In terms of geopolitical distribution, $98 million came from Canada, followed by Germany and Switzerland which all posted positive inflows. Bullish sentiments are seemingly on the decline in the U.S., with the region posting outflows of around $19 million.

During this time, crypto prices remained relatively stable with Bitcoin showing a less than 3 percent positive change in the last 7 days. Solana has posted a 2 percent positive change in the last 7 days while Ethereum has lost around 3 percent in the same time.

Solana has recorded further interest from institutional investors with CNF recently reporting that Grayscale’s Solana Trust (GSOL) is currently trading at a remarkable 445 percent premium to its underlying assets. Institutional interest in Solana is unsurprising given the positive developments around the project. Earlier this month, Bloomberg cast a spotlight on the comparative market capitalization and user engagement levels between Solana (SOL) and Cardano (ADA). Solana clearly comes ahead despite suffering negative sentiments for its association with the now-defunct FTX exchange.

Further down the road, Solana’s price may surge to $3,211 by 2030, says VanEck- a $75 billion asset manager. This would mark an 80-fold increase from today’s $53 price. Real Vision CEO Raoul Pal has also identified Solana as the cryptocurrency with the highest potential in 2024, surpassing Bitcoin.

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