It’s been just revealed that the institutional investors have been ditching Ethereum in favor of its biggest rival Solana (SOL). Check out the latest reports about this below.
Institutional investors are eyeing Solana
An important digital assets manager just reported that institutional investors are buying into Solana (SOL) over Ethereum (ETH) as markets tumble.
In the latest Digital Asset Fund Flows Weekly report, CoinShares made sure to explain the fact that Ethereum investment products have suffered over 10 weeks of consecutive outflows ahead of what’s known as “the merge.” Just in case you don’t know, this is Ethereum’s plan to transition to a proof-of-stake system.
“Ethereum continues to suffer with outflows totaling $70 million last week having suffered 11 straight weeks of outflows, bringing year-to-date outflows to $459 million. Solana looks to be benefitting from investors’ worries over The Merge (ETH2), with inflows of $0.7 million last week and $109 million year-to-date.”
It’s also worth noting the fact that Solana benefits from Ethereum’s continued suffering. On the other hand, Bitcoin (BTC) institutional investment products saw inflows totaling $28 million last week, according to the firm.
“Bitcoin saw inflows totaling $28 million last week and looks to be benefitting from weak prices with month-to-date inflows at $46 million.”
New Solana price prediction is out
According to the new reports, a popular crypto analyst says Solana (SOL) and Binance Coin (BNB) are the only digital assets he wants to hold amid market volatility.
Pseudonymous trader Altcoin Sherpa said recently that Solana will likely recover and that he sees good entry points for SOL between $15 and $25.
“SOL: [in my opinion] current area is a good buy zone for a short-term bounce, would NOT get greedy and assume this is ‘the bottom’. Bottom is probably sub $20 if things continue lower.”
At the moment of writing this article, SOL is trading in the red and the coin is priced at $34,28.