As demand for exposure to Ethereum and Bitcoin flattened, institutional traders flocked to Solana, with SOL investment products accounting for 86.6% of total inflows into cryptocurrency investment products last week.
According to the Digital Asset Fund Flow Weekly Report released by CoinShares on September 14, Solana investment products saw an inflow of $49.4 million between September 6 and September 10. In the past week, the total fund inflow of cryptocurrency investment products was 57 million US dollars, among which the fund inflow of SOL increased by 275% week-on-week, accounting for 86.6% of the total fund inflow.
The surge in money flowing into Solana’s products coincided with a 36% rise in SOL’s price over the same period. The report concluded:
"A combination of rising prices and capital inflows brought Solana's AUM to $97 million, the fifth-highest among all investment products."
Digital asset products have now seen capital inflows for the fourth consecutive week, and the demand for altcoins has greatly exceeded the demand for BTC products. The inflow of BTC products in the past week was only 200,000 US dollars.
Some of the inflows were also offset by institutional investors selling $6.3 million worth of ETH exposure as the price of Ethereum fell 10% over the past week.
Despite Cardano (ADA) launching its much-anticipated smart contract on Sept. 13, institutional inflows into the ADA-tracking product decreased by 46% compared to the previous week.
Multi-asset products, Ripple (XRP), Polkadot (DOT), and Bitcoin Cash (BCH) also saw inflows of $3.2 million, $3.1 million, $1.7 million, and $0.6 million, respectively.
Institutional asset managers now have total assets under management of $56.3 billion, according to CoinShares estimates, down 9% from the previous week, as the broader crypto market experiences a broad pullback.
Flows among asset managers were mixed, with CoinShares XBT and Purpose funds seeing outflows of $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.
Grayscale, the top digital asset manager, remains dominant, with $41.8 billion in AUM, or 74% of the industry's total AUM.
On September 13, Grayscale announced a partnership with iCapital Network, an alternative asset fintech provider. The partnership will allow iCapital's advisors to offer Grayscale's digital asset services to the firm's high-net-worth clients through a diversified market-cap-weighted investment strategy.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness. In view of the fact that China has not yet issued policies and regulations related to digital assets, users in mainland China are advised to be cautious in digital currency investment.
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