Institutions pour money into Solana and Cardano, with current rate exceeding both Bitcoin and Ethereum: CoinShares

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Digital asset manager CoinShares says Ethereum competitor Solana saw more institutional capital inflows than any other crypto asset last week.

In its weekly report, the firm claims that Solana has registered more than twice the amount of institutional capital as Ethereum.

“Solana, an Ethereum competitor offering flexible infrastructure and faster transaction settlement, recorded the largest inflows of all digital assets last week, totaling $ 7.1 million.

Ethereum recorded minor entries totaling US $ 3.2 million last week, along with other altcoins such as Cardano, Litecoin and Polkadot which recorded entries of US $ 6.4 million, 1.8 million US dollars and US $ 1.1 million respectively.

Solana, backed by FTX CEO Sam Bankman-Fried, has seen a 92.9% rise in the past two weeks while Ethereum is up 11% over the same period.

Red-hot Cardano (ADA), which has rallied 35% in the past seven days according to CoinGecko, has seen only slightly less institutional influx than Solana, according to CoinShares.

As for Bitcoin, the company claims that the world leader in market-cap crypto recorded a seventh straight week of outflows totaling US $ 2.8 million. CoinShares says that while the lack of Bitcoin inflow may indicate negative sentiment, it also “masks very mixed flows between providers.”

According to the CoinShares report, Litecoin (LTC) registered $ 1.8 million in entries, Polkadot (DOT) registered $ 1.1 million and XRP $ 1 million.

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Featured Image: Shutterstock / stockphoto-graf / Atelier Sommerland

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