Solana (SOL) Sees Massive Inflows – Big Support Sign From Institutions: Weiss Crypto

Weiss Crypto, a division of Weiss Ratings agency, announced on its X page that last week Solana surpassed other major altcoins in terms of funds inflows from institutional investors.

#Solana saw its largest week of inflows — $24 million — since March 2022, continuing to assert itself as the #altcoin of choice among institutions.

— Weiss Crypto (@WeissCrypto) October 10, 2023

Investments into this asset have constituted $24 million, with Weiss Crypto, “continuing to assert itself as the #altcoin of choice among institutions,” the X post says.

Weiss Crypto referred to the data shared by CoinShares fund, which deals with financial institutions. According to its report for the past week, Solana has seen $24 million in new Investments. It was the best week for SOL so far since March of this year, and it has been $55 million in terms of year-to-date figures.

Inflows into Ethereum stand at $10.2 million, showing “tepid appetite for the launch of Ethereum futures ETFs.” According to the report, Bitcoin investments totalled $42.7 million. Cardano’s ADA received the smallest portion of institutional funds last week – $0.2 million, the CoinShares report states.

Here are the latest #FundFlows with CoinShares Head of Research @jbutterfill.
🟢 This week inflows: US$78m. These are the largest inflows since July 2023.

— Geographical distribution —
🟢 🇪🇺 Europe: US$71m inflows
🟢 🇺🇸+🇨🇦 USA + Canada: US$9m inflows

— #Bitcoin —
🟢 $BTC:… pic.twitter.com/wYGDya80JM

— CoinShares (@CoinSharesCo) October 9, 2023

Solana “continues to assert itself as the altcoin of choice, particularly in light of the recent Ethereum product launches,” CoinShares’ X post stated. Overall, $78.4 million in fiat was invested in crypto by financial institutions last week.

Source