Home Cryptocurrency Solana (SOL) receives significant institutional backing, indicating strong support, reports Weiss Crypto.

Solana (SOL) receives significant institutional backing, indicating strong support, reports Weiss Crypto.

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Solana (SOL) receives significant institutional backing, indicating strong support, reports Weiss Crypto.

Solana Sees Massive Inflows from Institutional Investors

Solana (SOL) Attracts Institutional Investors

According to Weiss Crypto, a division of Weiss Ratings agency, Solana (SOL) has emerged as the top choice among institutional investors. Last week, the altcoin witnessed significant inflows, surpassing other major cryptocurrencies in terms of funds.

Impressive Investments in Solana

The investments in Solana have reached an impressive $24 million, solidifying its position as the preferred altcoin for institutions. Weiss Crypto’s announcement on its X page highlighted the growing support for Solana among institutional investors.

Data from CoinShares Fund

Weiss Crypto referred to the data shared by CoinShares fund, which focuses on financial institutions. According to the latest report, Solana attracted $24 million in new investments last week, marking its best performance since March of this year. The year-to-date figures for Solana now stand at $55 million, indicating a strong investor interest in the altcoin.

Ethereum Futures ETFs and Other Altcoins

The report also revealed that investments in Ethereum futures ETFs were relatively low, with only $10.2 million inflows. In contrast, the total investments in altcoins amounted to $42.7 million, with Solana leading the way. Cardano’s ADA received the smallest portion of institutional funds, totaling $0.2 million.

Solana’s Dominance Continues

The CoinShares’ X post emphasized Solana’s dominance as the preferred altcoin, especially in light of recent Ethereum product launches. The report stated that financial institutions invested a total of $78.4 million in cryptocurrencies last week, further highlighting the significance of Solana’s inflows.

This article was originally published on U.Today