Solana (SOL) Remains a Favorite Among Institutions As Negative Crypto Sentiment Shows Signs of Cooling: CoinShares
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Bearish sentiment among institutional investors in the crypto markets appears to be cooling despite millions of dollars in outflows from digital asset investment products.
According to digital asset manager CoinShares, crypto investment products suffered outflows of $73,000,000 last week, the fifth week of outflows in a row.
“Digital asset investment products saw outflows totaling a weekly record of US$73m, the 5th week of outflows with this run now totaling US$532m.”
Bitcoin (BTC), the largest crypto asset by market cap, suffered the heaviest outflows amongst institutional investors.
“Bitcoin saw outflows totaling US$55m, with four out of the last five weeks seeing outflows totaling US$317m.”
In step with its share of the market space, Ethereum (ETH) felt the sting of outflows to the tune of $30,000,000 last week.
Recent outflows in digital asset investment products have been heavy but appear to be cooling off after a $207,000,000 sell-off the week before last.
One crypto asset has remained relatively unfazed by the recent weeks of outflows. Despite the general downward trend, Solana (SOL) has only had two weeks of outflows in the last three months.
“Solana remains an investor favorite with inflows totaling US$5.4m last week and has only seen two individual weeks of outflows since August 2021.”
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