Institutional investors purchased $43 million worth of Solana (SOL) last week
Despite the huge correction facing the entire crypto industry in recent days, institutional investors have maintained their bullish sentiment towards the space.
According to available data from CoinShares, product funds dedicated towards the two largest crypto assets by market cap, Bitcoin and Ethereum continue to grow, with interest in Solana also rising rapidly.
Institutional investors still buying crypto
According to the report, the industry saw inflows of over $150 million within the last one week, with Bitcoin alone seeing an inflow of around $114.4 million followed by Ethereum with $12.6 million in inflow, while other multi-assets products posted $14.1 million.
However, on a Year-to-date record, Bitcoin products have seen over $6.6 billion from institutional investors, while Ether products have seen $1.17 billion in investment. Overall, institutional investors have funneled over $9 billion into the industry this year.
By measure of total inflows over the last month, Solana has seen inflows totalling US$43m over the last month.
Aside from this, GrayScale, the largest crypto asset manager in the world also reached a new milestone. The firm saw the value of assets under its management reach almost $52 billion. Its major investment and most popular product remain the Grayscale Bitcoin Trust Fund (GBTC) which it has set eyes on converting into an ETF.
ETFs play role in Bitcoin institutional investment dominance
You’ll recall that the Securities and Exchange Commission (SEC) last month approved a number of Bitcoin futures ETFs.
The approval of these ETFs led to the resurgence of the flagship digital asset as it saw around $2 billion from institutional investors. Not only that, but the ETFs also helped to push the value of the coin to a new ATH of over $68,000.
While the value of the coin has since cooled off, data from CoinShares suggested that the recently launched BTC ETFs led to its “investment product (seeing) 90% of inflows.”
This means that despite the rapid drop in the value of the coin, institutional investors remain largely undisturbed and have maintained their trust in the asset as a viable investment vehicle and hedge against inflation.Source