As markets fall, institutional investors are favoring Solana over Ethereum, according to a renowned digital asset manager.
According to CoinShares’ latest Digital Asset Fund Flows Weekly report, Ethereum investment products have experienced nearly 10 weeks of straight outflows ahead of what is known as “the merge,” or Ethereum’s plan to shift to a proof-of-stake system..
The year-to-date outflows for Ethereum have reached $459 million, with outflows amounting to $70 million last week after 11 weeks of outflows. With inflows of $0.7 million last week and $109 million so far this year, Solana appears to be gaining from investors’ concerns over The Merge (ETH2).
As per business, Bitcoin (BTC) institutional investment products witnessed inflows of $28 million last week, as Solana benefitted from Ethereum’s continuing misery.
“Bitcoin saw inflows totaling $28 million last week and looks to be benefiting from weak prices with month-to-date inflows at $46 million.”
According to CoinShares, Bitcoin’s roughly $30 million week was insufficient to salvage the whole digital asset investment product market, which saw withdrawals of nearly $40 million last week. Despite the recent bearish attitude, Coinshares shows that year-to-date flows are favorable at $403 million.