- Digital assets experienced the largest inflows in recent months, totaling $78 million in just one week.
- Solana (SOL), an Ethereum rival, outpaces other altcoins with nearly $24 million in weekly inflows.
In the wake of a remarkable surge in cryptocurrency investments, CoinShares, as highlighted by the Daily Hodl, points out that an Ethereum competitor stands out, particularly favored by institutional investors.
Weekly Digital Asset Flow Overview
In CoinShares’ latest Digital Asset Fund Flows Weekly Report, there’s a significant note that digital assets have seen an inflow of $78 million in the past week. This marks the second consecutive week of positive inflows. Moreover, there was a noticeable uptick in trading volumes for exchange-traded products (ETPs), which grew by 37%, amounting to $1.13 billion. In tandem with this, Bitcoin trading volumes on trusted exchanges also saw a 16% increase.
Regional Investment Patterns
The data also reveals that the majority of these inflows originated from Europe, accounting for a whopping 90% of the total. In contrast, North American markets, encompassing the US and Canada, witnessed a combined inflow of just $9 million. This stark difference underscores a potential divergence in market sentiment between the two regions.
Solana Rises Above the Rest
While Bitcoin, often referred to as king crypto, naturally secured the most substantial inflow chunk with $43 million, several altcoins also enjoyed positive inflows. Ethereum’s inflow stood at $10.2 million, Cardano (ADA) at $0.2 million, and multi-asset products at $0.4 million. Yet, the standout performer in this arena was undoubtedly Solana (SOL). It not only surpassed other altcoins but also recorded its most significant week of inflows since March 2022, drawing close to $24 million. This positions Solana as an increasingly preferred choice among altcoins, especially considering recent product launches associated with Ethereum.