Blockchain News

Solana (SOL) the Only Altcoin To See Institutional Investments Last Week: CoinShares

The crypto market suffers major outflows for the third week in a row, as digital assets manager CoinShares reports negative sentiment among institutional investors. In its latest Digital Asset Fund Flows Weekly Report, CoinShares reveals that $54 million in crypto holdings were sold off last week, with most of the outflows coming from outside the US. Germany and Canada saw the majority of outflows with $27 million and $20 million respectively.

The leading cryptocurrency, Bitcoin (BTC), took the brunt of the outflows, with a total of $32 million sold off. However, CoinShares notes that sentiment in the US turned positive, with inflows of $18 million and the largest weekly outflows from short-Bitcoin on record of $23 million.

Altcoin investment was “unusually low,” according to CoinShares. Ethereum (ETH), the leading smart contract platform and altcoin, saw outflows of $2.3 million, bringing its year-to-date outflows to $26 million. Multi-asset investment products took in $0.1 million of inflows. Solana (SOL) was the only stand-alone altcoin with inflows, receiving $3.4 million, the second-largest over the last 12 months.

CoinShares also reports weak sentiment for blockchain equities, which suffered outflows of $7.3 million last week.

The negative sentiment among institutional investors comes amid increased regulatory scrutiny of the crypto market. Several countries have announced plans to regulate or ban cryptocurrency trading, with China being the most recent to clamp down on the industry.

Despite the negative sentiment, some experts remain optimistic about the long-term prospects of crypto. They believe that the current sell-off is a temporary setback and that the market will rebound in the coming months.

In the meantime, crypto investors may want to keep an eye on regulatory developments and adjust their portfolios accordingly. The crypto market has always been volatile, and it is important to stay informed and make informed investment decisions. With the market in flux, it is more important than ever to invest wisely and to stay up to date on industry news and trends.

In conclusion, while the crypto market has seen major outflows for the third week in a row, it is important to keep in mind that the market is always in flux. Investors should stay informed and make informed decisions, adjusting their portfolios as needed to take advantage of emerging opportunities and navigate changing market conditions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.