Bitcoin
BTC$48 068.38

-0.43%

Ethereum
ETH$3 564.24

-1.78%

Cardano
ADA$2.43

-1.86%

Binance Coin
BNB$423.38

-1.83%

Tether
USDT$1.000511

0.01%

XRP
XRP$1.096014

-2.04%

Institutional traders flock to Solana as demand for ETH and BTC flattens


14 Sep 2021   #Solana

Institutions were betting big on Solana investment products last week, with SOL-tracking products attracting 86.6% of institutional inflows to digital asset products last week. Institutional traders have flocked to Solana (SOL) as demand for Ether (ETH) and Bitcoin (BTC) exposure has flattened, with SOL investment products representing a whopping 86.6% of total weekly inflows to crypto investment products last week. According to Tuesday’s issue of CoinShares’ “Digital Asset Fund Flows Weekly,” SOL investment products saw inflows of $49.4 million between Sept. 6 and Friday. The combined total inflows for crypto investment products equated to $57 million for the week, with SOL seeing a 275% week-over-week increase to represent 86.6% of total inflow.

The surging inflows to Solana products coincided with the price of SOL gaining 36% over the same period. The report concluded: “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 now seen inflows for the fourth consecutive week, with demand for altcoins significantly outweighing the appetite for BTC products, which saw minimal inflows of $200,000. The inflows were also partially offset by institutional investors offloading $6.3 million worth Ether exposure as the underlying asset’s price dropped 10% during the week.

Despite Cardano’s highly anticipated introduction of smart contracts on Monday, institutional flows into Cardano’s ADA-tracking products saw a 46% decrease compared to the previous week. Multi-asset products, XRP, Polkadot’s DOT and Bitcoin Cash (BCH) also saw inflows of $3.2 million, $3.1 million, $1.7 million and $600,000, respectively.

According to CoinShares’ estimates, institutional asset managers currently represent total assets under management (AUM) of $56.3 billion — marking a decrease of 9% compared to the week before, as the broader crypto markets experienced a pullback across the board.

Flows were mixed between asset managers, with CoinShares XBT and Purpose funds shedding $24.7 million and $45.5 million, respectively, while 21Shares, ETC Group and CoinShares saw inflows of $75 million, $13 million and $6.1 million, respectively. Top institutional manager Grayscale remained dominant, representing 74% of sectors AUM with $41.8 billion. Grayscale announced a partnership with alternative asset fintech provider iCapital Network on Monday. The deal will enable iCapital’s advisors to offer the firm’s high-net-worth clients access to Grayscales’ digital asset services via a diversified market-cap-weighted investment strategy.


Related

Solana rally mimicking Ethereum? Why a $500 SOL price target could be conservative
Bitcoin price in line for impulsive bounce as Solana (SOL) leads altcoin surge
SOL price nears $200 after FTX's Solana-enabled NFT marketplace goes live
Solana hits record high with SOL price up over 218% in six weeks
Solana price hits $100 for the first time after mysterious Ignition event revealed
Solana shows strength below $70 all-time highs
Solana based cross-chain exchange Saber raises $7.7M to expand team and tokens

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.4% 24 $48 068.38 -0.43% 2.90% $904 552 592 109 $30 966 097 189
2 Ethereum (ETH) ETH Ethereum predictions 72% 52 $3 564.24 -1.78% 3.14% $418 997 277 161 $18 764 428 420
3 Cardano (ADA) ADA Cardano predictions 68% 64 $2.43 -1.86% -4.99% $77 762 171 546 $3 085 080 557
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $423.38 -1.83% -1.23% $71 186 613 232 $1 670 523 937
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000511 0.01% 0.05% $68 288 855 645 $74 100 163 467
6 XRP (XRP) XRP XRP predictions 70.4% 55 $1.096014 -2.04% -3.72% $51 098 642 600 $2 972 959 907
7 Solana (SOL) SOL Solana predictions 58.4% 89 $149.74 -5.57% -21.61% $44 447 194 000 $3 259 409 601
8 Polkadot (DOT) DOT Polkadot predictions 59.2% 83 $36.69 2.33% 14.49% $36 235 518 897 $2 308 494 829
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 65 $0.257382 4.84% 0.32% $33 796 922 711 $1 760 021 804
10 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000184 0.01% 0.02% $29 237 308 733 $2 846 778 419
11 UniSwap (UNI) UNI UniSwap predictions 69.6% 56 $25.95 -4.24% 8.79% $15 869 589 993 $590 249 626
12 Terra (LUNA) LUNA Terra predictions 66.4% 67 $36.55 0.26% 12.35% $14 691 406 586 $1 543 465 878
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 69 $64.75 9.96% 46.82% $14 264 323 937 $2 618 327 427
14 Chainlink (LINK) LINK Chainlink predictions 73.6% 56 $30.07 -4.45% 3.96% $13 594 035 693 $1 522 191 986
15 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000216 0.01% 0.02% $12 747 588 570 $6 369 639 162

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.