Solana Sees “Dramatic Increase” In Institutional Investment As Altcoin Exposure Grows, CoinShares Says

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According to CoinShares, Solana (SOL) has seen a “dramatic increase in allocation” from wealth managers and hedge funds, who are also increasing their exposure to altcoins.

“Investors are becoming more optimistic.” Solana” James Butterfill, head of research at CoinShares, wrote in an April 24 article. report. The findings are based on a survey of 64 investors who collectively manage $600 billion in assets.

Will Solana reach $260 again? Five experts talk about future developments – DL News

Investors favor Solana over Ethereum

Market leaders Ethereum (ETH) and Bitcoin (BTC) remain favorites, the survey showed. Following the approval of a spot Bitcoin exchange-traded fund (ETF) in the US, 41% of participating investors believe BTC has the “most compelling growth prospects.”

Ethereum came in second place, but “investor appetite has waned since January,” Butterfill said.

He added that investors have a more positive outlook on Ethereum competitor Solana.

Almost 15% of investors surveyed revealed that they invested in SOL. This is a significant increase since CoinShares’ January survey, which showed no exposure to altcoins among respondents.

SOL also ranked third for “Most Attractive Growth Prospects,” which was also an increase from the 10% vote it received in CoinShares’ previous survey.

Investors’ portfolio allocation to digital assets also rose to 3% from 1.3% in January. This is the “highest weight since the survey began in 2021,” Butterfill said in the report.

“Naturally, some of the biggest contributors to this problem were [increased exposure] “The allocation was from an institutional investor who ultimately gained the ability to gain exposure to Bitcoin through a US ETF,” he wrote.

SOL ecosystem loses some market value but maintains market cap of $209 billion

of Market capitalization The amount in the Solana ecosystem has decreased slightly over the past 24 hours, but is still over $209 billion as of 3 a.m. ET. SOL itself has experienced a drop in value of more than 2% in the past 24 hours.

Solana meme During this period, the coin showed strong performance. Dogwifat (WIF) has seen its price increase by more than 1% over the past day of trading.

Following the introduction of the so-called “send SOL” ICO, pre-sales of meme coins on Solana are also very active. These don’t require timers, stages, hard caps, or even whitepapers.

Pioneered by meme coins like $SLERF, $PUMP, $PUNDU, and $BOME, the latest and hottest examples include: Slotana (SLOTH) raised over $15 million in a month-long ICO ending on Monday, April 29th.

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