Solana, Ethereum, and Cardano have continued to attract institutional investment, marking the 8th consecutive week of positive inflows. According to the latest report from CoinShares, Exchange-traded products (ETP) now account for 11 percent of the total crypto volumes.
Bitcoin (BTC) remains the dominant choice for institutional investors, with around $155 million in inflows. This can be attributed to the growing interest from institutions anticipating the approval of a Bitcoin spot ETF.
In terms of altcoins, Solana (SOL) has seen the highest institutional inflows, recording nearly $13.6 million in the 47th week of the year. Ethereum (ETH) and Avalanche (AVAX) followed behind with $3.3 million and $1.8 million in inflows respectively.
The report highlights that digital asset investment products have experienced positive inflows for the 8th consecutive week, totaling $176 million in week 47. The ETP share of total crypto volumes has also exceeded the long-term historical average of 3.4%, reaching 11%.
Furthermore, the report reveals that trading volumes in ETPs have averaged $3 billion per week, double the average of $1.5 billion for this year. Geopolitically, Canada led with $98 million in inflows, followed by Germany and Switzerland. However, the U.S. saw outflows of around $19 million.
Despite these developments, crypto prices have remained relatively stable. Bitcoin has shown a less than 3 percent positive change in the last 7 days, while Solana has seen a 2 percent increase and Ethereum has experienced a 3 percent decrease in the same period.
Solana continues to attract institutional interest, with the Grayscale’s Solana Trust (GSOL) trading at a remarkable 445 percent premium to its underlying assets. This is not surprising considering the positive developments surrounding the project. Bloomberg recently highlighted Solana’s market capitalization and user engagement levels, positioning it ahead of Cardano.
Looking ahead, VanEck, a $75 billion asset manager, predicts that Solana’s price may surge to $3,211 by 2030, representing an 80-fold increase from its current price of $53. Real Vision CEO Raoul Pal has also identified Solana as having the highest potential in 2024, surpassing Bitcoin.
In conclusion, Solana, Ethereum, and Cardano continue to attract institutional investment, and Bitcoin remains the dominant choice for institutions. The ETP market is growing, with trading volumes and market share increasing. Solana’s positive developments and potential for future growth make it an attractive investment option.