Portalkripto.com– Solana’s crypto assets received a positive feedback from institutional investors. The high price increase in the last month has made the whales begin to consider Solana’s products to invest.
Based on the Digital Asset Fund Flows Weekly report, Coinshares, September 7, 2021, mentions a 388% surge in weekly inflows for Solana (SOL)-based products. SOL products earned $13.2 million in institutional investment. This coincided with SOL prices which rose 37% over the same period.
CoinShares highlighted that inflows to Solana’s products doubled year-to-date (YTD) last week, with $25 million already invested to SOL instruments over 2021 so far. SOL-based products now represent $44 million in total asset under management (AUM).
Overall institutional inflows for altcoin products this month recorded a highly significant increase. Nearly 40% of last week’s inflows to digital asset investment were allocated to altcoin products.
SEE ALSO: Solana Overtakes Dogecoin’s Position as Seventh Largest Cryptocurrency
While $97.8 million was invested into crypto investment products combined between August 30 and September 3 to mark the successive third week of sector inflows, $38.9 million was invested to altcoin products.
The first week of September 2021 was marked by an escalation institutional investment in crypto products. Total institutional inflows were US$98 billion last week.
Of the total last week’s institutional inflows, about 35% of this invested capital is locked in assets other than Bitcoin. Ethereum (ETH) led the altcoin pack for the second week in a row, recording inflows of $14.4 million, down 16.2% from $17.2 million in the previous week.
In addition, inflows to Cardano (ADA) and Polkadot (DOT) also increased, with inflows of $6.5 million and $2.7 million, respectively.
AUTHOR: IQBAL LAZUARDI/PORTALKRIPTO.COM
TRANSLATOR: FARIZA AULIA