Institutions pouring money into Solana and Cardano surpass both Bitcoin and Ethereum at current rate: CoinShares

Ethereum rival Solan recorded more corporate capital inflows than any other crypto asset last week, digital asset manager CoinShares said.

In its weekly report, the company reported that Solana recorded twice as much corporate capital as Ethereum.

“Solana, an ethereum competitor that offers flexible infrastructure and faster calculations in transactions, saw the largest flow of digital assets last week, totaling $ 7.1 million.

Last week, Ethereum received small inflows totaling US $ 3.2 million, along with other subsources such as Cardano, Litecoin and Polkadot, which received inflows of US $ 6.4 million, US $ 1.8 million and US $ 1.1 million, respectively.”

Solana, backed by FTX Chief Executive Sam Bankman-freed, has seen growth of 92.9 per cent in the past two weeks, while Ethereum has seen growth of 11 per cent over the same period.

According to CoinShares, the red-hot Cardano (island), which has grown 35% in the past seven days according to CoinGecko, has seen only a slightly smaller corporate influx than Solana.

As for bitcoin, the company says the world’s leading cryptocurrency has a fund outflow of a total of US $ 2.8 million, with a market capitalisation for the seventh week in a row. CoinShares says that while the absence of the influx points to bitcoin’s negative sentiment, it also ” masks decidedly mixed flows between suppliers.”

Litecoin (LTC) inflows were $ 1.8 million, polkadot (DOT) $ 1.1 million and XRP $ 1 million, CoinShares reported.

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