- Three altcoins have caught the attention of institutional players and have resulted in an upsurge in market inflows.
- On the other hand, a handful of altcoins continue to record massive outflows.
Digital assets have seen their fair share of turbulence this year, but a handful of altcoins are emerging as investor’s favorites.
According to data from CoinShares, a leading digital assets investment platform, Solana (SOL), Ripple (XRP), and Cardano (ADA) were three assets that were favored by institutional players this year.
The Europe-based crypto-focused investment and trading group updated the public on the new development in its “Digital Asset Fund Flows Weekly” report, published on the 16th of October.
As reported by Coinshares, Ripple (XRP) saw inflows soar to $0.42 million last week. This milestone is particularly significant for XRP as it marks the 25th week of consecutive inflows for the asset. The win is an add-on to the entire Ripple and XRP community, which is still standing strong, after going head-to-head with the U.S. Securities and Exchange Commissions (SEC).
At the time of this report, Ripple (XRP) is trading for $0.49. The asset is currently in the red zone, after having piled losses from the past two months until the present day.
Similarly, Solana (SOL) has also seen its inflows surge significantly, as Coinshares highlighted that SOL and XRP recorded the highest year-to-date flows among all altcoins, including Ethereum. It is also worth noting that despite Ethereum (Ether) holding a higher posting in the cryptocurrency market, it recorded outflows of $7.5 million last week.
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Bitcoin leads the pack; institutional players pump Bitcoin as inflows soar
It bears mentioning that the new development is not an anomaly, particularly for Ripple (XRP) and Cardano (ADA). Both assets have been favored by investors this year, above their peers. XRP and ADA recorded a collective inflow of $1 million back in July. XRP oversaw a $10 million increase in inflows, while ADA ushered in a $6 million increase.
On the flip side, other altcoins like Tezos, Litecoin, and Chainlink have recorded outflows of $0.25 million, $0.28 million, and $0.31 million, respectively.
However, Bitcoin, the leading cryptocurrency by market cap, is also a leading asset for institutional players. The asset has seen inflows soar to $16 million within the last week. While short-Bitcoin positions saw inflows hit $1.7 million in the same week. As a result, the total inflows for the year sit at $260 million.
Despite the bearish waves that have kept crypto assets stagnant this year, CoinShares’ report fuels the notion that the investment landscape is brightening up. For the third week in a row, digital asset investment products have garnered inflows totaling a whopping $15 million.
While this speaks to the growth of the industry, it is still important to note that trading volumes are still significantly below the 2023 yearly average, by an estimated 27%.
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