Demand for Bitcoin and Ethereum among institutional traders, which was skyrocketing not long ago, has flattened out significantly in the recent period. Meanwhile, the institutions seem to have found a new reference project: Solana (SOL / USD).
The project is fast becoming everyone’s alternative to Ethereum (ETH / USD), as well as other less competent development platforms. Meanwhile, SOL and Solana’s investment products saw an 86.6% increase in their total weekly inflow last week.
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According to the latest issue of Digital Asset Fund Flows Weekly, Solana’s inflows reached $ 49.4 million in that period. Considering that all total inflows for cryptocurrency investment products were around $ 57 million over the same period, that means Solana is dominating with 86.6%. This also represents a 275% increase in total inflows for the project, which is a pretty massive change in the pace of the project.
Unsurprisingly, the price of the SOL also saw a sharp rise as a result of demand and activity, climbing 36% over the same period. All of this combined brought Solana’s (AUM) assets under management to $ 97 million, making it the fifth largest investment product out there.
Of course, while Solana is leading, he is not the only one to have seen an excellent performance. Indeed, digital asset products, in general, have seen the fourth consecutive week of major inflows. It would appear that the demand for altcoins is even managing to overwhelm investors’ appetite for Bitcoin products.
One reason for the change in inflows could be the fact that institutional investors recently dumped $ 6.3 million worth of ETH during its recent price drop, which reduced its value by 10%.
Of course, some also expected Cardano (ADA / USD) to take the lead thanks to the fact that it just launched its smart contracts on its main network during the week. However, the project’s currency did not rise, but saw a 46% decrease in inflows from the week before.
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