Crypto assets manager CoinShares says that one Ethereum (ETH) rival continues to be the favorite altcoin of institutional investors.

CoinShares says in the newest Digital Asset Fund Flows Weekly Report that Solana (SOL) has recorded inflows of $31 million this year.

The crypto assets manager says that the positive trend for Solana continued during the week that ended September 29th.

“Very little activity was seen in the altcoin space, Solana continues to shine, with inflows of US $5 million, marking its 27th week of inflows and just 4 weeks of outflows this year, highlighting it as the most loved altcoin this year. Ethereum saw outflows for a 7th consecutive week, totaling US $1.5 million, marking it as the least loved altcoin.”

Bitcoin (BTC) recorded eight-figure inflows during the week that ended September 29th.

According to CoinShares, digital asset investment products recorded combined weekly inflows of approximately $21.2 million over the same period for the first time in one and a half months.

“Earlier in the week, it looked as if it would be another week of outflows, with the inflows coming late in the week (Friday) in what we believe is a reaction to a combination of positive price momentum, fears over US government debt prices and the recent quagmire over government funding. Despite this most recent price pick up, volumes remain seasonally low in both the investment product market and the broader crypto market.”

Generated Image: Midjourney

The post This Ethereum Competitor Is the Institutional Investors’ Favorite This Year, According to CoinShares appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 5, 2023 8:14 pm