Institutional Investors Are Ditching Ethereum in Favor of One of Its Biggest Rivals, According to CoinShares
A leading digital assets manager finds institutional investors are buying into Solana (SOL) over Ethereum (ETH) as markets tumble.
In the latest Digital Asset Fund Flows Weekly report, CoinShares says Ethereum investment products have suffered over 10 weeks of consecutive outflows ahead of what’s known as “the merge,” which is Ethereum’s plan to transition to a proof-of-stake system.
“Ethereum continues to suffer with outflows totaling $70 million last week having suffered 11 straight weeks of outflows, bringing year-to-date outflows to $459 million. Solana looks to be benefitting from investors’ worries over The Merge (ETH2), with inflows of $0.7 million last week and $109 million year-to-date.”
“Bitcoin saw inflows totaling $28 million last week and looks to be benefitting from weak prices with month-to-date inflows at $46 million.”
CoinShares says Bitcoin’s nearly $30 million week wasn’t enough to save the overall digital asset investment product market, which suffered outflows totaling nearly $40 million last week. However, Coinshares finds that despite the recent negative sentiment, year-to-date flows remain positive at $403 million.
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