What Happened: Market-leading altcoins amassed significant gains from institutional funds over the past seven days as Bitcoin (CRYPTO: BTC) continued to record outflows for an eighth consecutive week.
According to the latest CoinShares report examining weekly digital asset flows, Cardano (CRYPTO: ADA) reported $10.1 million in inflows this week – its largest on record.
ADA, now the third-largest cryptocurrency by market cap, has consistently seen massive inflows over the past few weeks. The token’s price has rallied by over 100% over the past month, driven by momentum surrounding its upcoming Alonzo hard fork that will bring smart contract functionality to the blockchain.
Read Also: What is Cardano?
Solana (CRYPTO: SOL) is another crypto asset that institutions have been paying attention to of late. The Proof-of-Stake (PoS) blockchain has rallied by 200% since the beginning of the month and has continued to hit fresh all-time highs.
Last week, SOL saw $7.1 million in inflows from institutions. Since the end of last week, the token’s price has already appreciated over 50%. This week, SOL saw $2.7 million in inflows, and market sentiment surrounding the coin remained high.
#Solana‘s run-up just keeps getting more historic. #Crypto traders are discussing the #NFT darling at rates most #altcoins can only dream of. Weighted sentiment has surpassed 4 deviations above mean, sending crowd positivity & volume to historic levels. https://t.co/ntE9ljEf4u pic.twitter.com/8mf9tJV6Qc
— Santiment (@santimentfeed) August 31, 2021
Institutional sentiment towards the leading altcoin Ethereum (CRYPTO: ETH), too, appears to have picked up. ETH saw an influx of $17.2 million this week, after months of recording moderate inflows, and now represents 32% of total digital asset AUM.
Read Also: What is Solana?
However, the same can’t be said for the market-leading crypto-asset Bitcoin, which recorded $3.8 million in outflows over the week. According to CoinShares, 14 out of the last 18 weeks have seen outflows from Bitcoin.
Price Action: At press time, Bitcoin was trading at $47,601, gaining just 0.70% over the past 24-hours. Ethereum was up by 7.30% over the same period, trading at a price of $3,414. Cardano was trading at $2.78, and Solana was trading at an all-time high of $125.22.