Institutional investors show a clear preference for Solana (SOL), according to data from leading digital asset manager, CoinShares.
According to its latest weekly report CoinShares Digital Asset Fund Flows, institutional investors have poured over $108 million into Solana (SOL) investment products this year, a performance that is by far the best of all altcoins, including Ethereum.
500 million more than Ethereum
The inflows of money into Solana last week brought the smart contracts platform’s year-to-date net flows to nearly $500 million more than the equivalent inflows of the leading smart contracts platform, Ethereum.
Bitcoin leads the race
Bitcoin (BTC), leading the inflows race having totaled $450.8 million so far this year, suffered outflows of nearly $57 million last week. Ethereum, continuing its decline into 2022, lost $40.7 million in outflows last week.
Institutional investment products Litecoin (LTC), Cardano (ADA) and XRP each saw inflows of $0.2 million last week, bringing their year-to-date inflows to $2.9 million, $9.4 million and $6 million respectively.
Multi-asset investment products, those that invest in more than one digital asset, suffered outflows of $4.7 million last week, bringing the category’s year-to-date total inflows to nearly $200 million.
Read Also: Why Solana (SOL) remains the leading competitor to Ethereum
Fall due to Federal Reserve
CoinShares speculates that the market’s expectation of rising interest rates has led to steady outflows in the cryptocurrency markets:
“Flows of digital asset investment products remain volatile in anticipation of aggressive monetary policy, with steady daily outflows last week totaling US$102 million. What has pushed Bitcoin into a “winter” over the past 6 months can largely be explained as a direct result of increasingly aggressive rhetoric from the Federal Reserve.”
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