Solana, Tron Lead Altcoins As Digital Asset Inflows Drop
Solana has led altcoins in increased weekly inflows from institutional investors. The altcoin had been on a winning streak since it burst into the spotlight months ago and has held on. For the previous week, inflows had dropped but altcoins had seen higher numbers. This points to a trend of institutional investors moving more into altcoins as the market falls.
Digital asset inflows from institutional investors can often indicate how investors are feeling about the market. The higher the inflows, the safer it is to assume that institutions are bullish on cryptocurrencies. The market has been seeing consistent inflows going on over two months now. However, this amount can fluctuate greatly from one week to another.
Solana Leads Altcoins Inflow
CoinShares recently released its weekly digital asset inflows report and it gave some insight into how institutional investors are looking at the market. For starters, compared to the previous week, the total digital asset inflows were significantly down. Altcoins like Solana and Tron had however found favor from big money as their inflows were up for the week.
Solana led the pack with total inflows reaching as high as $19 million, up from the $14.6 million from the previous week. The digital asset had continued its trend of being an institutional investor favorite.
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Tron was the breakout star of the week. The “world computer” coin which rarely featured on weekly asset inflows this year has moved forward due to its recent price bump. With current total assets under management (AuM) of $17 million, the digital asset shot right past Cardano to be the 2nd altcoin with the highest inflows.
Multi-asset investment products also made a splash. The total came out to $15 million of inflows coming into multi-asset investment products.
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Bitcoin Continues To Dominate
Once again, bitcoin was ahead of altcoins in inflow volume. Out of the total $88 million of digital inflows, bitcoin made up for $51 million. Both the total inflows and bitcoin inflows were down in the previous week where the total had come out to be $306 million and bitcoin inflows totaled $247 million.
Ethereum finally ended its five-week inflow streak as the digital asset recorded minor outflows for the week. In total, Ethereum saw $17 million of outflows, putting it in the lead for altcoins with the highest outflows.
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The report shows that institutional investors are still bullish on altcoins like Solana and Bitcoin. However, despite bitcoin leading in inflows, it still recorded a 13% drop in trading volumes across its investment products, bringing the total to $3.1 billion last week.
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