Ethereum Overtakes Solana With Most Altcoin Inflows Year-to-Date As Positive Sentiment Continues: CoinShares
Digital assets manager CoinShares says that institutional crypto investors are going in heavy on the leading altcoin Ethereum (ETH).
In its latest Digital Asset Fund Flows report, CoinShares says crypto investment products enjoyed $1.35 billion in inflows last week.
“Digital asset investment products saw further buying with inflows of US$1.35bn last week, bringing the last 3 week run of inflows to US$3.2bn. ETP (exchange-traded product) trading volumes also increased substantially, up 45% week-on-week to US$12.9bn, but representing a lower than usual 22% of the broader crypto market volumes.”
Regionally, the United States and Switzerland saw inflows of $1.3 million and $66 million, respectively.
Minor outflows were experienced in Brazil and Hong Kong to the tune of less than $7.5 million in total.
Bitcoin (BTC), per usual, enjoyed the lion’s share of inflows at $1.27 billion.
However, the biggest story of last week’s inflows was Ethereum, according to CoinShares.
“The outlook for Ethereum seems to have turned a corner, seeing a further US$45m of inflows last week, overtaking Solana for the altcoin with the most inflows year-to-date (YTD) at US$103m.”
Solana (SOL) enjoyed $9.6 million in inflows. Multi-asset crypto investment vehicles enjoyed $16.7 million in inflows. Litecoin (LTC), Chainlink (LINK), XRP and Cardano (ADA) also brought in inflows of $2.2 million, $0.7 million, $0.5 million and $0.4 million, respectively.
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