CoinShares Report Institutions Investing Into SOL & ADA Over BTC & ETH

According to digital asset manager CoinShares, Ethereum competitor Solana has recorded more institutional capital flowing in than any other crypto asset last week.

CoinShares revealed in its weekly report, that Solana recorded more than twice the amount of institutional capital than Ethereum.

“Solana, a competitor to Ethereum offering a flexible infrastructure and faster transaction settlement, saw the largest inflows of any digital asset last week totalling US $7.1m.

Ethereum saw minor inflows totalling US $3.2m last week along with other altcoins such as Cardano, Litecoin and Polkadot which saw inflows of US $6.4m, US $1.8m and US $1.1m respectively.”

Solana, which backed by FTX CEO Sam Bankman-Fried, has seen a 92.9% rally in the last two weeks while Ethereum posted an 11% rise in the same period.

Mega-hot Cardano (ADA), which went through a 35% rally in the last seven days, saw only slightly less institutional inflows than Solana, CoinShares reports.

Bitcoin the largest crypto asset, witnessed a seventh straight week of outflows totalling US $2.8m. According to CoinShares Bitcoin’s lack of inflows may indicate negative sentiment, however it also “masks very mixed flows across providers.”

According to CoinShares’ report, Litecoin (LTC) saw $1.8 million in inflows, Polkadot (DOT) saw $1.1 million, and XRP saw $1 million.