Not Dogecoin, Shiba Inu But This 'Ethereum Rival' Is The 'Most Loved Altcoin' Among Large Investors

Despite a significant outflow in the past seven weeks, with large institutional investors selling a total of $342 million in cryptocurrencies for the seventh consecutive week, one altcoin has managed to capture the attention and favor of large entities.

What Happened: European digital asset manager CoinShares reported that institutional investors have been actively pouring money into ‘Ethereum ETH/USD Rival' Solana SOL/USD, which currently ranks as the 10th biggest cryptocurrency by market capitalization.

CoinShares revealed that over the past week, approximately $700,000 has been invested in SOL through various crypto investment providers, making "Solana the most loved altcoin" among investors, leaving Dogecoin DOGE/USD, Shiba Inu SHIB/USD behind. Furthermore, year-to-date inflows into SOL have reached $26 million.

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Why It Matters: Other altcoins faced outflows from investment products in the past week. Polygon MATIC/USD saw a withdrawal of $8.6 million, while Ethereum experienced a pullback of $3.2 million. 

Bitcoin BTC/USD, the largest cryptocurrency, recorded a slight reversal in direction. After a tumultuous August, it saw inflows of $3.8 million in the last week. 

CoinShares noted that Germany led the outflows, with a total of $26.9 million, while neighboring Switzerland contributed to a positive trend with purchases amounting to $14.8 million. Meanwhile, countries such as the United States and Canada saw minor buying activity, with $1.9 million and $0.4 million, respectively.

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