CoinShares records an increase in SOL volumes in institutional portfolios

What’s new? Analysts at investment firm CoinShares have recorded a sharp increase in the number of hedge funds and asset managers that invest in native token of the Solana (SOL) blockchain. Thus, CoinShares surveyed 64 companies with a combined $600 billion in assets under management, of which 15% have added SOL to their portfolios.

Material by Cointelegraph

What else is known? Institutional investors appear to be “broadening their exposure to altcoins” and “are more optimistic for Solana” CoinShares head of research James Butterfill wrote in a new report. Notably, no respondents reported investing in SOL at the time of the previous survey in January.

In addition, SOL took third place in the ranking of coins with the best growth prospects, with just under 15% of respondents voting for it. In a similar survey in January, 10% of respondents named the asset.

Bitcoin retained the first place of this rating: 41% of respondents said that the first cryptocurrency has the best growth potential. Ethereum took second place with 30%, while at the beginning of the year 35% of companies spoke in its favor.

The survey also showed that cryptocurrency’s share of investors’ portfolios rose to 3%, up from 1,3% in January, which Butterfill said was “the highest weighting since the survey began in 2021.”

Despite the generally positive trend, institutional respondents noted significant barriers to entry in the crypto market. Respondents without cryptocurrencies in their portfolios most often cited regulatory uncertainty as the reason for not investing in this asset class.

In turn, institutional cryptocurrency investors also cited regulation and politics as the top risks.

At the time of writing, SOL is trading at $144,07, having lost 0,59% over the day. The asset added 1,4% for the week, and has gained 41,63% YTD.

CoinShares analysts have been recording outflows from crypto derivatives for the second week in a row

The largest part of the outflow is associated with exchange-traded crypto funds in the United States

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Earlier, Deutsche Bank said in a survey that only 10% of consumers expect BTC to grow above $75 000 by the end of the year, while 78% of institutional investors surveyed by JPMorgan said they do not plan to trade crypto.