Institutional traders flocked to Solana (SOL) as demand for Ethereum (ETH) and Bitcoin (BTC) flattened, with SOL investment products representing a whopping 86.6 percent. % of total weekly flows of crypto investment products last week.
According to Coinshares' weekly September 14 digital asset funding stream release, Solana (SOL) investment products saw $49.4 million in inflows between September 6 and September 10. Aggregate aggregate inflows of crypto investment products totaled $57 million for the week, and SOL saw a weekly increase of 275% to represent 86.6% of total inflows.
High inflows of Solana products coincided with a 36% increase in the price of SOL over the same period.
According to the Coin Telegraph, the report concluded that: The combination of higher prices and inflows now puts Solana's assets under management at $97 million, the fifth largest product. investment.
Digital asset products now have inflows for the fourth consecutive week, as demand for altcoins vastly outweighs the appetite for Bitcoin products which have seen minimum inflows of 200,000 dollars.
The inflows were also partially offset by institutional investors shedding $6.3 million of exposure to Ethereum as the price of the underlying asset fell 10% during the week.
Despite the highly anticipated introduction of Cardano (ADA) smart contracts on September 13th, institutional flows of ADA-tracking products saw a 46% drop in inflows compared to the previous week.
The multi-asset products Ripple (XRP), Polkadot (DOT) and Bitcoin Cash (BCH) also saw inflows of $3.2 million and $3.1 million and $1.7 million and $600,000, respectively.
