Market analysis confirms that more institutional investors have continued loading up on Solana (SOL), with one-third of total inflows to crypto investments products being invested in instruments tracking Solana over the past week.
In a Digital Asset Fund Flows Weekly report published on August 24, Coinshares confirmed that Solana investment products flowed in $7.1 million between August 15 to August 20.
The report analysis reveals that SOL’s price gained a meager 1.4% on spot markets over the past week, with SOL gaining 110% from $35.58 at the beginning of August to $75 on Tuesday. However, the market pullback has not spared SOL tokens which are trading at around $68 at the time of writing.
This Coinshares report notes that the institutional crypto investments products bucked a six-week trend of outflows, with roughly $21 million flowing into the sector this past week.
Interestingly, Cordano (ADA) was the second-most popular tracking crypto asset over the past week, with inflows totaling $6.4 million. The reports also confirmed that institutions also poured $3.2 million into products tracking Ether (ETH), $1.8 million into Litecoin (LTC), and $1.1 million into Polkadot’s (DOT).
According to Coinshares, Bitcoin Products saw outflows of $2.8 million over the past week, making it the seventh consecutive week of outflows for Bitcoin. Concurrently, BTC plunged 6% over the same week.
Nonetheless, the report noted that the value of assets under management (AUM) by crypto investment grew to $57.3 billion as the markets rallied this week. The growth represents the highest level since peaking at around $66 billion during the heights of the 2021 bull run market in mid-May.
Remarkably, Grayscale, a leading institutional manager, represented three-quarters of the entire AUM data with $42.6 billion.
Other institutions the recorded outflows include CoinShares XBT, ETC insurance funds that shed $9.5 million and $9.4 million respectively, while 21Shares, CoinShares Physical and 3iQ posted inflows worth $21.8 million, $14.7 million, and $10.8 million, respectively.