Solana And Cardano Are Heading To The Moon Amidst Huge Institutional Inflow

The crypto market is seeing the most significant weekly institutional inflow in history, according to official data from CoinShares.

The online publication the Daily Hodl notes that the crypto firm says that digital asset investment products have shattered the record for both weekly and yearly capital flows by a considerable margin.

“Digital asset investment products saw inflows last week totaling US$1.47bn, the largest on record by a significant margin. The previous weekly record was seen earlier this year in February with inflows totaling US$640m.”

The notes continue and say:

“Inflows year-to-date now sit at US$8bn, far surpassing the record in 2020 of US$6.7bn.”

CoinShares also said that Bitcoin (BTC) accounted for the overwhelming majority of the funds. This has been happening following the positive sentiment stemming from the launch of the new ProShares Bitcoin futures exchange-traded fund (ETF).

“Bitcoin saw 99% of the inflows totaling US$1.45bn last week. The record inflows were a direct result of the US Securities & Exchange Commission [SEC] allowing a Bitcoin ETF investing in futures and the consequent listing of two Bitcoin investment products with inflows totaling US$1.24bn.”

The same notes reveal that “Inflows into Bitcoin products were also seen in other regions totaling US$138m, although there was evidence of profit-taking with some older investment products seeing outflows.”

The same crypto firm is also looking at altcoins, and they said that the most notable coins seeing inflows were smart contract platforms Solana (SOL) and Cardano (ADA), as well as crypto exchange Binance’s BNB.

Solana and Cardano saw $8.1 million and $5.3 million in inflows.

Regarding the prices of the coins, at the moment of writing this article, both of them are trading in the green. ADA is currently trading at $2.18, while SOL is priced at $210.

Stay tuned for more news and make sure to keep your eyes on the crypto market.