Digital assets manager CoinShares says XRP, Solana (SOL) and another Ethereum (ETH) rival are being favored by institutional investors in 2023 so far.
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.
Over the same period, Bitcoin (BTC) has raked in $260 million in inflows. Ethereum is currently in the red by $111 million.
Last week, the crypto markets enjoyed their third week of inflows in a row.
“Digital asset investment products saw inflows for the 3rd consecutive week totaling $15 million, although trading volumes remain 27% below the 2023 average.
A regional divide persists, with continued minimal inflows into the US, while Europe saw net inflows totaling $7 million last week, Sweden being the only country to see outflows.”
CoinShares also notes that XRP has seen 25 weeks in a row of positive inflows from institutions.
“Last week was not positive for altcoins in general, with Tezos, Litecoin and Chainlink seeing outflows totaling $0.25 million, $0.28 million, and $0.31 million respectively. XRP saw modest inflows amounting to $0.42 million. This marks the 25th consecutive week of inflows into XRP this year.
The consistent inflows underscore the investment community’s support, especially considering successful legal challenges against the SEC.”
Featured Image: Shutterstock/Philipp Tur
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