Not Dogecoin, Shiba Inu But This 'Ethereum Rival' Is The 'Most Loved Altcoin' Among Large Investors
Portfolio Pulse from Mehab Qureshi
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, Solana (CRYPTO: SOL) has managed to capture the attention and favor of large entities. CoinShares reported that institutional investors have been actively pouring money into Solana, with approximately $700,000 invested in the past week and year-to-date inflows reaching $26 million. Other altcoins like Polygon (CRYPTO: MATIC) and Ethereum (CRYPTO: ETH) saw outflows, while Bitcoin (CRYPTO: BTC) recorded slight inflows.
September 05, 2023 | 7:34 am
News sentiment analysis
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NEGATIVE IMPACT
Ethereum saw a pullback of $3.2 million in the past week.
The outflow from Ethereum could potentially decrease investor confidence and drive the price down in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Polygon saw a withdrawal of $8.6 million in the past week.
The outflow from Polygon could potentially decrease investor confidence and drive the price down in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin recorded slight inflows of $3.8 million in the last week.
The inflow into Bitcoin could potentially increase investor confidence and drive the price up in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Solana has seen significant investment from institutional investors, with approximately $700,000 invested in the past week and year-to-date inflows reaching $26 million.
The news of institutional investors pouring money into Solana is likely to increase investor confidence and could potentially drive the price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100