Two Ethereum Rivals ‘Firm Favorites’ for Institutions As Crypto Sees 11-Straight Weeks of Inflows: CoinShares

Digital assets manager CoinShares says that digital asset investment products just experienced their eleventh consecutive week of inflows.

In its latest fund flows report, CoinShares says digital asset investment products saw inflows of over $40 million last week.

“Digital asset investment products saw inflows totaling US $43 million, the 11th consecutive week of inflows, but a marked decline relative to prior weeks. Recent price appreciation has also led to significant inflows into short positions as some investors see price downside potential.”

Source: CoinShares

While crypto king Bitcoin (BTC) once again led inflows with $20 million, CoinShares says Ethereum (ETH)-rivals Solana (SOL) and Avalanche (AVAX) are institutions’ “firm favorites” for altcoins.

“Solana and Avalanche saw inflows of US$3m and US$2m respectively, remaining firm favorites in the altcoin space.”

Meanwhile, ETH saw its sixth week of consecutive inflows with $10 million.

Litecoin (LTC) and XRP products brought in $0.7 million and $0.8 million a piece.

CoinShares also finds that last week’s inflows had a strong regional bias as well.

“Regionally, Europe continues to dominate the inflows, seeing US $43 million of inflows, while the US saw only US $14 million of inflows, with half of that being inflows into short positions. Hong Kong saw its second week of outflows totaling US $8 million, Brazil also saw minor outflows of US $4.6 million.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Voger Design/WhiteBarbie

Source: https://dailyhodl.com/2023/12/11/two-ethereum-rivals-firm-favorites-for-institutions-as-crypto-sees-11-straight-weeks-of-inflows-coinshares/