Solana Starts to Get Adored by Institutional Investors

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.

388% Increase

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