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Solana outperforms as institutional buying dwarfs Bitcoin, Ethereum and Cardano

Solana is in demand as a wave of NFT platforms and decentralised finance (DeFi) developers seek cheaper alternatives to Ethereum

Solana outperforms as institutional buys dwarf Bitcoin, Ethereum and Cardano
Image credit: rafapress / Shutterstock

Professional traders ploughed into Solana as interest in Bitcoin and Ethereum tapered off last week.

Solana, the lower-cost Ethereum alternative, was “a stalwart” in recent trading, according to CoinShares, which has released its weekly digital asset flows report.

CoinShares highlighted that Solana’s price outperformed a basket of the top ten digital assets by some 34%, as the crypto’s price gained 24% week-on-week and, at plus US$50mln, the inflow of funds into Solana dwarfed the other cryptos.

A meagre US$200,000 of institutional money tracked by CoinShares went into Bitcoin, whilst it saw some US$6.3mln come out of Ethereum during the week. Overall, CoinShares noted a net inflow of US$57mln in digital assets last week which marked a fourth consecutive week of net inflows.

There was a US$3.5mln inflow into Cardano as the blockchain platform concluded its hotly anticipated ‘hard fork’ to introduce smart contracts.

The CoinShares digital asset flows report follows the transactions of providers of investment products in the digital asset industry, including its own, and among its peers such as Grayscale, 3iQ, and 21Shares.

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