Institutional Investments Flow to Solana as BTC Outflows Continue

It seems institutional investors have found Solana to be their number one this week. The DeFi protocol took up one-third of total cash inflows to crypto assets for the week between August 15 and August 20.

As per CoinShares’ Digital Asset Fund Flows Weekly report dated August 23, a total of $7.1 million flowed into Solana investment products. To match with this inflow rise, Solana (SOL) has also gained 8.38% this week. At this moment, it trades for a price of $78.58.

The report also stated that institutional crypto investment products also resisted a six-week trend of outflows. In fact, almost $21 million flowed into the sector this week. It is also noteworthy that products tracking Cardano (ADA) made it to second place. Its popularity with institutions closely followed Solana’s, at $6.4 million. Ethereum (ETH), Litecoin (LTC), and Polkadot (DOT) made it to the top 5 too at $3.2 million, $1.8 million and $1.1 million respectively.

New Milestones: Bitcoin’s 7th Week of Outflows and AUM Peak.

On the other hand, institutional products tracking Bitcoin saw outflows of $2.8 million. This is the 7th consecutive week of outflows for Bitcoin.

Further, the report showed that the total value of assets under management (AUM) has increased to $57.3 billion. This new milestone may be credited to the bullish market run this week. This is its largest level since its last peak at around $66 billion during the mid-May market rally.