• bitcoinBitcoin$48,035.001.28%
  • ethereumEthereum$3,415.920.29%
  • ElrondElrond$246.022.79%

Institutional Traders Direct Their Attention to Solana as Demand for ETH and BTC Falls

Institutional traders have directed their attention towards Solana while demand for Bitcoin and Ether has dropped. SOL investment products have represented a total of 86.6% of the total weekly inflows of crypto investment products over the previous week.

Solana investment products registered an inflow of $49.4 million in four days, between September 6th and September 10th.

The total inflow for crypto investment products reached $57 million for the week, which means that SOL represents 86.6% of the total inflow with a 275% week-over-week increase.

This increased interest in Solana products has also led to an increase in the price of SOL – more than 36% over the same time period.

According to CoinShares’ “Digital Asset Fund Flows Weekly:”

“A combination of price appreciation and inflows now brings Solana’s assets under management to $97 million, the 5th largest of all investment products.”

Digital asset products have registered inflows for the fourth consecutive week with a special interest in altcoins. Bitcoin products saw an inflow of only $200,000.

Cardano finally introduced smart contracts, but that didn’t seem to have helped its price – instead, related products registered a decrease of 46% in inflows compared to just a week ago.

Source: CoinTelegraph.com

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