Reports have emerged that Solana was the favorite cryptocurrency among investors as of last week. The impressive performance pulled by the altcoin at the time endeared it to institutional investors, making it see more investments than Bitcoin and other altcoins including Ethereum. The preference for SOL has trickled into the new week despite losing some of its last week’s gains.

According to a weekly report shared by CoinShares, investment products that give exposure to Solana cornered 86.6% for themselves out of the total inflows for crypto investment products last week. These investment products accounted for over $45 million inflows into Solana between last week Monday and Friday. Crypto investment products had pooled a cumulative amount of $57 million with Solana taking the lion’s share after witnessing an increase of 275% from a few weeks back to date.

Solana Beats BTC and Ethereum, Now Holds $97 Million in AUM

With Solana taking a large chunk of crypto investments from institutional investors, flagship cryptocurrency, Bitcoin and largest altcoin by market cap Ethereum received less attention, recording minimal inflows for that period. During the same period, Solana had a weekly gain of 36%. In light of this along with the inflows, Solana assets under management have topped out at $97 million, making it the fifth-largest amid other investment products. 

For the fourth week on a roll, crypto investment products continue to see inflows owing to the newfound interest of various mainstream institutions in digital currencies. However, they are not directly exposed to extreme volatility reckoned with cryptocurrencies since they do not own these assets in the real sense. In the same week, these investors had their eyes on altcoins rather than Bitcoin as the latter only attracted inflows valued at $200,000. 

CoinShares also reported outflows as well, which affected the spate of inflows as the entire crypto market gave way to a massive correction. Investors shed more than $6 million on their Ethereum investments after the altcoin’s price retraced by 10% at the time. 

Cardano (ADA) Loses ‘Dark Horse’  Position After Disappointing Investors

Acclaimed largest proof-of-stake blockchain, Cardano (ADA) was not fancied by investors as well despite the fanfare that trailed the launch of its smart contract feature. As per CoinShares’ report, ADA investment products failed to capitalize on the smart contract hype and shed a whopping 46% off of its inflows in contrast with last week’s figure. ADA’s price had disappointingly slipped by 13% on Monday leaving retail traders and investors in shock. 

Only a few weeks ago, ADA crossed the $3 milestone for the first time since its arrival into the crypto scene. The same smart contract launch was the catalyst for the impressive performance, but coming to this week, ADA’s performance has been dismal, to say the least. 

Institutional investors now hold $56.3 billion as assets under management for crypto investments products, dropping by 9% given last week’s estimates. Grayscale is at the top of the pecking order with over $40 billion in AUM, representing 73% of the total.