CoinShares: Bitcoin and Solana Draw Institutional MillionsOctober 23, 2023
The latest report reveals that institutional investors have shifted their focus towards digital assets, with millions of dollars poured into Bitcoin and Solana. A recent CoinShares report uncovers this growing trend, which has ignited a 3.37% surge in Bitcoin’s price and an impressive 6.2% rise in Solana.
Excitement Surrounds Spot Bitcoin ETF, Driving Inflows
A recent report from CoinShares has brought exciting news about the consistent inflows into digital asset investment products. The sector has seen a substantial influx of approximately $66 million in four consecutive weeks.
These investments have significantly contributed to the total Assets under Management (AuM), which now stand at an impressive $33 billion. 84% of these investments have been directed toward Bitcoin products, pushing the year-to-date investments to $315 million.
The primary factor behind this influx has been the anticipation surrounding the launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.
Solana on the Rise As Investors Flock Away from Bitcoin
Meanwhile, investors are becoming more selective in their choices, focusing on solid fundamentals over hype. Solana has stood out; it’s been on a consistent upward trajectory throughout 2023, solidifying its position as one of this year’s favored altcoins.
In the past week alone, it attracted an influx of $15.5 million, contributing to a remarkable year-to-date total of $74 million. This accounts for 47% of the total assets under management in the crypto market.
Ethereum Faces Concerns in Latest Crypto Report
The report also highlights concerns surrounding Ethereum, leading to outflows of $7.4 million. Conversely, Solana emerges as a standout performer in the world of altcoins.
Solana’s consistent performance throughout 2023 solidifies its position as one of this year’s favored altcoins.
Source: Read Full Article