Institutional investors are loading up on Solana (SOL), with one-third of inflows to crypto investment products being invested in instruments tracking Solana this past week.
According to CoinShares’ Aug. 23 Digital Asset Fund Flows Weekly report, $7.1 million flowed into Solana investment products between Aug. 15 and Aug. 20.
While the price of SOL gained a megre 1.4% on the spot markets over the same period, SOL has gained 110% from $35.58 since the start of August to trade for $75 as of this writing.
CoinShares’ report notes that institutional crypto investment products bucked a six-week trend of outflows, with roughly $21 million flowing into the sector this past week.
Products tracking Cardano (ADA) were the second-most popular for the week with inflows totaling $6.4 million. Institutions also poured $3.2 million into products tracking Ethereum (ETH), $1.8 million into Litecoin (LTC), and $1.1 million into Polkadot (DOT).
Institutional BTC products saw outflows of $2.8 million for the week — marking the seventh consecutive week of outflows for Bitcoin. BTC shed 6% over the same period.
The report noted that the value of assets under management (AUM) by crypto investment product issuers increased to $57.3 billion as the markets rallied this week — its largest level since peaking at around $66 billion during the heights of the 2021 bull market in mid-May.
Leading institutional asset manager Grayscale represents three-quarters of the sector’s AUM with $42.6 billion.
Flows across asset providers were mixed however, with the Coinshares XBT, ETC Issuance funds shedding $9.5 million and $9.4 million, while 21shares, CoinShares Physical and 3iQ posted inflows of $21.8 million, $14.7 million and $10.8 million respectively.