Digital asset manager CoinShares says XRP, Solana (SOL) and another Ethereum (ETH) rival are favored by institutional investors so far in 2023.
In its latest Digital Asset Fund Flows report, CoinShares finds that institutional investors have poured more money into Solana, XRP and Cardano (ADA) this year than any other altcoin, including ETH.
After weekly inflows of $3.7 million for SOL and $0.4 million for XRP (ADA had no recorded inflows) last week, the three altcoins lead all non-ETH altcoins with $59 million, $15 million and $6 million in inflows, year -to-date respectively.
During the same period, Bitcoin (BTC) has attracted $260 million in inflows. Ethereum is currently in the red at $111 million.
Last week, the crypto markets enjoyed their third week of inflows in a row.
“Digital asset investment products saw inflows totaling $15 million for the third week in a row, although trading volumes remain 27% below the 2023 average.
A regional divide remains, with continued minimal inflows to the US, while Europe saw net inflows totaling $7 million last week, with Sweden the only country to see an outflow.”
CoinShares also notes that XRP has seen positive inflows from institutions for 25 weeks in a row.
“Last week was not positive for altcoins in general, with Tezos, Litecoin and Chainlink seeing outflows of $0.25 million, $0.28 million and $0.31 million respectively. XRP saw a modest inflow of $0.42 million. This marks the 25th consecutive week of inflows into XRP this year.
The consistent inflow underlines the support of the investment community, especially given the successful legal challenges against the SEC.”
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Featured image: Shutterstock/Philipp Tur