Tuesday, August 9

Companies invested US$43 million in Ethereum competitor in the last 30 days

Even with the cryptomarket in a moment of correction, following Bitcoin which is now testing new levels of support, investors continue to increase exposure in different cryptocurrencies, with Solana gaining prominence among institutional investors.

As shown by an institutional investment report in the largest currencies by market capitalization, Bitcoin and Ethereum, continue to gain traction, but Solana (SOL) has grown considerably over the same period.

The report of the CoinShares shows that there was a $150 million inflow into the cryptomarket in the last week. Bitcoin received around US$114 million in investments, followed by Ethereum with US$12.6 million and other miscellaneous assets with a total of US$14.1 million.

This demonstrates a continuation of the trend of the institutional market to bet on the cryptomarket, even if “on the edge”. However, other data shows that there are some darlings among the industry beyond Bitcoin.

“Investments in cryptomarket products had a total flow of $154 million last week, with Bitcoin’s most recent drop of 12% for the week apparently not impacting positive investor sentiment. Bitcoin continues to receive the most investment inflows, totaling $114m in the last week.”


But it’s not just the biggest cryptocurrency on the market that is in the favor of these investors, with some altcoins standing out.

Data revealed by CryptoSlate show that Solana during the last month, more specifically the last 4 weeks, has drawn a lot of attention from the institutional sector, with US$43 million invested in the SOL cryptocurrency during this period.

This places the cryptocurrency above others that have received a positive flow, such as Polkadot, Binance Coin or Litecoin.

Institutional investment has been important to increase the price of Bitcoin, it was when companies like MycroStrategy entered the ecosystem once and for all. in the hundreds of thousands, something that still seems a little distant.

With that in mind, Solana may then also be on a new bullish path, given the positivity of these high-profile cryptocurrency investors.

The reasons for this interest can be many, from positivity in relation to the price itself, to enthusiasm for Metaverse projects, which Solana may have some kind of involvement or use in the future.