Layer 1 tokens Cardano and Solana appear to have reached oversold territory after taking a nosedive in the last seven days. It remains to be seen whether these altcoins can…
Solana (SOL) Dominating Institutional Capital Flows for 2022 As Crypto Carnage Continues: CoinShares
Data from leading digital asset manager CoinShares suggests that throughout 2022, institutional investors have shown a heavy preference to smart contract platform Solana (SOL).
According to the latest CoinShares Digital Asset Fund Flows Weekly report, institutional investors have poured over $108 million into Solana (SOL) investment products this year, the most of any altcoin by far, including Ethereum.
Solana’s inflows from last week bring the smart contract platform’s year-to-date (YTD) net flows to nearly $500 million more than the leading smart contract platform ETH’s YTD flows.
Litecoin (LTC), Cardano (ADA), and XRP institutional investment products saw $0.2 million in inflows a piece last week, bringing their YTD inflows to $2.9 million, $9.4 million, and $6 million, respectively.
Multi-asset investment products, those investing in more than one digital asset, suffered outflows of $4.7 million last week, bringing the category’s YTD inflows to nearly $200 million.
CoinShares hypothesizes market anticipation of rising interest rates has led to steady outflows in the crypto markets.
“Digital asset investment products flows remain choppy in anticipation of hawkish monetary policy, with steady daily outflows last week totaling US$102m. What has pushed Bitcoin into a “crypto winter” over the last 6 months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve.”
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