CoinShares said institutional investors appear to be “expanding their reach into altcoins” including Solana (SOL), which has seen a “significant increase in allocations” from asset managers and hedge funds.
“Investors are more bullish on Solana,” the asset manager's head of research, James Butterfill, wrote in an April 24 report based on a survey of 64 investors with a total $600 billion worth of assets under management.
Nearly 15% of investors surveyed said they had invested in SOL, a significant improvement from CoinShares' January survey which found that none of the respondents had any investments in SOL. This altcoin.
Butterfill noted that XRP has seen “a significant decline and no survey respondents currently hold it” compared to the January survey.
Although the institutions surveyed did not hold XRP in this survey, investment products for the cryptocurrency were still allocated, with CoinShares reporting showing a small Capital of $1.3 million into the products. XRP products for the week ending April 19.
Meanwhile, Solana came third when ranked by “most attractive growth prospects” with nearly 15% of respondents agreeing – up more than 10% from the same survey in January.
However, Bitcoin (BTC) remains in the top spot among investors with 41% agreeing that it has the best growth potential.
Ether (ETH) came in second with just over 30% of respondents optimistic about its growth. Butterfill noted that “investor appetite has waned since January” with ETH scores falling from around 35%.
