Solana, Ethereum, and Cardano have been leading the way in terms of institutional investment, marking the 8th consecutive week with positive inflows.
According to the latest report, Exchange-traded products (ETP) make up 11 percent of the total crypto volumes.
The most recent CoinShares report reveals that Bitcoin (BTC) continues to dominate in terms of institutional investment. This is undoubtedly a result of institutional interest, driven by the imminent approval of a Bitcoin spot ETF. The report, published by a leading European alternative asset manager, states that BTC saw approximately $155 million in institutional inflows.
In terms of altcoins, Solana (SOL) has been the clear leader in institutional inflows. In the 47th week of the year, SOL recorded nearly $13.6 million in inflows. Ethereum (ETH) and Avalanche (AVAX) followed in second and third place, with $3.3 million and $1.8 million in inflows respectively.
Digital asset investment products have seen their 8th consecutive week of inflows, with $176 million coming in during week 47.
The ETPs’ share of total crypto volumes stands at 11%, which is higher than the long-term historical average of 3.4%. This figure also surpasses the averages seen during the 2020/21 bull market.
The latest data shows that this is the 8th consecutive week with positive inflows. BTC continues to dominate, with last week’s ETP inflows representing 3.4% of assets under management (AuM). The report highlights that this is higher than the long-term historical average of 3.4% recorded during the 2020/21 bull market.
According to the report, trading volumes in ETPs have averaged $3 billion per week, double this year’s average of $1.5 billion. Interestingly, the ETPs’ share of total crypto volumes is rising, averaging 11% compared to the long-term historical average of 3.4%, and well above the averages seen during the 2020/21 bull market.
In terms of geopolitical distribution, Canada contributed $98 million, followed by Germany and Switzerland, which also saw positive inflows. However, the U.S. posted outflows of around $19 million, suggesting a decline in bullish sentiments in the region.
During this period, cryptocurrency prices remained relatively stable, with Bitcoin showing a less than 3% positive change in the last 7 days. Solana saw a 2% positive change in the same period, while Ethereum experienced a 3% decrease.
Solana has garnered further interest from institutional investors, with Grayscale’s Solana Trust (GSOL) trading at a remarkable 445% premium to its underlying assets, as reported by CNF. This is not surprising given the positive developments surrounding the Solana project. Bloomberg recently highlighted the comparative market capitalization and user engagement levels between Solana (SOL) and Cardano (ADA), with Solana clearly coming out ahead despite negative sentiments due to its association with the now-defunct FTX exchange.
Looking ahead, VanEck, a $75 billion asset manager, predicts that Solana’s price may surge to $3,211 by 2030, marking an 80-fold increase from its current price of $53. Real Vision CEO Raoul Pal has also identified Solana as the cryptocurrency with the highest potential in 2024, surpassing Bitcoin.
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