AVAX, LUNA are seeing institutional interest
Solana, Terra, and Avalanche are in the top ten list of largest cryptocurrencies by market cap.
Avalanche (AVAX), Solana (SOL), Terra (LUNA) and Algorand (ALGO) are among altcoins to see notable investment inflows over the past week, digital asset manager CoinShares reported on Monday.
According to the crypto asset manager, the week saw a slowdown in outflows from institutional investment products, largely due to interest in altcoins.
“Altcoins remain the focus amongst investors, with notable inflows into Avalanche, Solana, Terra and Algorand of US$1.8m, US$0.8m, US$0.7m and US$0.2m respectively,” the firm said in the latest edition of the Digital Asset Fund Flows Weekly.
Other altcoin products in Binance, Ripple, Tron and Litecoin remained largely unchanged over the week.
Ethereum sees 3rd week of outflows
Despite the negative sentiment that swept through the cryptocurrency market last week, outflows reduced significantly. CoinShares says the industry posted total outflows of $7.2 million for the week ending 22 April. Comparatively, total outflows a week earlier were $97 million.
Solana, for instance, had seen an outflow of $27 million due to what CoinShares said was down to profit-taking deals.
But while the overall digital asset investment product space recorded minor outflows last week, the story was a bit different for Ethereum.
Per the report, weekly flows for funds tailored around the second-largest cryptocurrency by market cap totaled 16.9 million. With these, Ethereum’s outflows monthly and year-to-date at the end of last week stood at $57 million and $169 million respectively.
Bitcoin sees inflows of $2.6 million
Bitcoin stemmed the negative trend by registering minor inflows, the report showed. Investment funds around the leading cryptocurrency by market attracted institutional inflows of $2.6 million.
However, due to recent market weakness, Bitcoin’s monthly flows are around negative $178 million. Year-to-date flows in BTC-related investment products are around $252 million.
Overall, crypto investment products have suffered outflows of $219 million in the past three weeks. Year-to-date flows are, however, positive at $389 million.
The digital assets funds report tracks flows from major crypto asset investment fund providers such as Grayscale, ETC Group, ProShares, 3iQ and CoinShares itself. These providers have launched numerous institutional-focused crypto products in the US, Europe and across the globe.
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