A leading digital asset manager says institutional inflows for Bitcoin (BTC), Solana (SOL) and Avalanche (AVAX) are up as the markets continue to stumble.
According to the latest Coinshares report, digital asset investment products had total weekly inflows of $109 million despite bearish market action.
Bitcoin led the way with $89 million worth of inflows, which CoinShares says isn’t actually that much for the top crypto asset by market cap.
“The inflows remain tepid, with the last 5 weeks of inflows totaling $221m, representing 0.7% of total assets under management (AuM).”
Ethereum competitor Solana has seen inflows of $1.2 million in the past week and $6.8 million so far in the month of February. CoinShares says SOL investment products seem “relatively insulated from outflows seen in other products.”
Ethereum (ETH) investment products, by contrast, saw $15.2 million in outflows last week.
Ethereum-competitor Avalanche had $25 million worth of institutional inflows in the past week, though that number happened on one day of trading, so CoinShares says “it is too early to tell if this represents broader appetite for the altcoin.”
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Source: https://dailyhodl.com/2022/02/23/bitcoin-btc-solana-sol-and-avalanche-avax-see-institutional-flows-despite-market-uncertainty-coinshares/