Benzinga - Despite a significant outflow in the past seven weeks, with large institutional investors selling a total of $342 million in cryptocurrencies for the seventh consecutive week, one altcoin has managed to capture the attention and favor of large entities.
What Happened: European digital asset manager CoinShares reported that institutional investors have been actively pouring money into ‘Ethereum (CRYPTO: ETH) Rival' Solana (CRYPTO: SOL), which currently ranks as the 10th biggest cryptocurrency by market capitalization.
CoinShares revealed that over the past week, approximately $700,000 has been invested in SOL through various crypto investment providers, making "Solana the most loved altcoin" among investors, leaving Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) behind. Furthermore, year-to-date inflows into SOL have reached $26 million.
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Why It Matters: Other altcoins faced outflows from investment products in the past week. Polygon (CRYPTO: MATIC) saw a withdrawal of $8.6 million, while Ethereum experienced a pullback of $3.2 million.
Bitcoin (CRYPTO: BTC), the largest cryptocurrency, recorded a slight reversal in direction. After a tumultuous August, it saw inflows of $3.8 million in the last week.
CoinShares noted that Germany led the outflows, with a total of $26.9 million, while neighboring Switzerland contributed to a positive trend with purchases amounting to $14.8 million. Meanwhile, countries such as the United States and Canada saw minor buying activity, with $1.9 million and $0.4 million, respectively.
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