It seems that CoinShares gives the crown to Solana as the institutions favorite investment in 2023. Here are the latest details about this below.
SOL is the winner of 2023
According to CoinShares, a crypto assets manager, Solana (SOL) has become a popular altcoin choice for institutional investors, surpassing Ethereum (ETH).
Their latest Digital Asset Fund Flows Weekly Report shows that Solana has seen inflows of $31 million so far this year. The positive trend for Solana also continued in the week ending on September 29th.
“Very little activity was seen in the altcoin space, Solana continues to shine, with inflows of US $5 million, marking its 27th week of inflows and just 4 weeks of outflows this year, highlighting it as the most loved altcoin this year. Ethereum saw outflows for a 7th consecutive week, totaling US $1.5 million, marking it as the least loved altcoin.”
In the week ending on September 29th, Bitcoin (BTC) saw significant inflows amounting to eight figures.
According to CoinShares, the total weekly inflows for digital asset investment products were around $21.2 million, marking the first time in a month and a half that the inflows for these products had combined to reach this level.
At the start of the week, it seemed like the trend would be towards outflows, but this changed towards the end of the week, possibly due to positive price momentum, concerns over US government debt prices, and recent issues surrounding government funding.
Despite the recent increase in prices, both the investment product market and the wider crypto market have seen low volumes in recent times.
Solana’s price in the news
A well-respected crypto analyst going by the name “Inmortal” believes that Solana (SOL), a smart contract platform, is set for a strong bull market.
In a recent social media post, Inmortal advised his 199,100 followers that now is the perfect opportunity for long-term bulls to accumulate the crypto asset.
He went on to suggest that this is a “generational SOL long” and that investors should aim to take profits at $250. According to Inmortal, those who invest in SOL now are likely to be rewarded in the years to come. Check out our previous article in order to learn more predictions.
