Solana (SOL) is a favorite among institutional investors, according to CoinShares' most recent crypto fund report, even as the rest of the altcoin market stays stagnant.
Solana Favored by Institutional Investors
Solana (SOL) is a favorite among institutional investors, according to CoinShares' most recent crypto fund report, even as the rest of the altcoin market stays stagnant.
Solana has witnessed large inflows for the past 27 weeks, with $31 million in inflows so far this year. Just last week, institutions acquired $5 million in Solana, compared to Bitcoin’s $20.4 million inflow and Ethereum’s $1.5 million outflow.
According to CoinShares, investors favor Solana due to its partnerships with financial organizations such as Visa, as well as its ability to provide quick and cost-effective payments. Solana’s total value locked (TVL) reached its highest level this year, at $335.1 million.
Meanwhile, Bitcoin has had a positive week. According to CoinShares, the US government funding issues and the rise of the 10-year government bond may have contributed to increasing interest in Bitcoin. Ethereum continues to see outflows, totalling $114 million so far this year, as it continues to underperform BTC.
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