Institutional Investors Bet on $SOL, $XRP While Shorting Bitcoin ($BTC), Data Showsadmin
Institutional investors have been betting on multiasset investment products and on products offering exposure to Solana ($SOL) and $XRP, while heavily betting on short Bitcoin ($BTC) products.
According to data from CoinShares’ Digital Asset Fund Flows report, last week digital asset investment products saw $12 million worth of inflows, with $15 million entering short investment products focusing on the flagship cryptocurrency BTC. For long investment products, outflows totaled $2.6 million.
The firm’s report details that long-bitcoin products saw outflows while its assets under management rose 11.4% from a $17.8 billion seen at the end of June. Nevertheless, inflows to short BTC positions totaled $15 million, bringing the total to $88 million.
Ethereum, meanwhile, saw minor outflows totaling $2.5 million, while multi-asset investment products saw $2 million worth of inflows. While altcoin investments remained relatively muted, institutional investors chose two altcoins specifically.
One was Solana ($SOL), which saw inflows totaling $500,000, with the other being $XRP, which saw inflows totaling $300,000. The investments in these cryptocurrencies come at a time in which their prices have been surging.
XRP has recently seen Ripple co-founder Jed McCaleb run out of tokens to sell, meaning selling pressure on the asset is expected to drop significantly. Meanwhile, Solana saw its value rise over 35% over the past week as layer-1 networks outperformed other top cryptoassets.
Institutional investors are notably maintaining bets against Bitcoin at a time in which the total market capitalization of the cryptocurrency space has once again risen past the $1 trillion mark.
As CryptoGlobe reported, Coinbase Research has published a report in which it details Bitcoin’s recent sell-off was “almost exclusively” carried out by short-term holders.
Featured image via Unsplash