Institutions Bet Big on Solana and XRP, Moving Away from BTC and ETH

Solana (SOL) and Ripple’s XRP are gaining traction from institutional investors, rotating funds from Bitcoin and Ethereum. Digital asset investment products globally recorded massive demand from investors in a week, with total crypto assets under management reaching a record high of $188 billion.

Investors Favor Solana and XRP

Solana recorded $21.6 million in inflows in a week, as compared to $5.3 million and $2.8 million in the previous two weeks, respectively. This represents an over 307% increase in a week, indicating massive interest from institutional investors globally.

The major factors contributing to a massive rise in buying include the Rex-Osprey Solana Staking ETF (SSK) launch, Solana-based tokenized stocks , and sentiment on spot Solana ETF approval.

Tokenized Stock Metrics.

In addition, XRP recorded $10.6 million inflows in a week, as compared to $10.6 million and $2.7 million in earlier weeks, respectively. As reported by The Crypto Times, XRP saw a 292% rise in buying activity  week-over-week as Ripple and the US SEC decided to drop appeals in the 2nd Circuit court.

Crypto asset investment products saw $2.7 billion in inflows last week, bringing H1 totals within striking distance of $17.8 billion last year. Bitcoin recorded $2.2 billion in net inflows, while Ethereum saw $429 million in net inflows.

Crypto asset investment products saw $1.03 billion in inflows last week, with AuM reaching a record $188 billion. Trading volumes have reached $16.3 billion, in line with the weekly average so far this year, reported CoinShares.

Notably, Bitcoin investment products recorded $790 million in net inflows in a week, slowing from the previous three weeks. This indicates investors are becoming more cautious as Bitcoin approaches its all-time high price levels.

Meanwhile, Ethereum saw $226 million in inflows in a week, a significant slowdown from $429 million in the previous week.

Solana and XRP Prices Jump

XRP price jumped 1% after a breakout above the descending trendline, with the price currently trading at $2.29. The 24-hour low and high were $2.25 and $2.30, respectively. Furthermore, the trading volume has increased by 60% in the last 24 hours, indicating a rise in interest among traders.

Meanwhile, SOL price climbed over 3% in the past 24 hours, with the price currently changing hands at $152.26. The 24-hour low and high were $147.28 and $153.39, respectively. Furthermore, the trading volume has increased by 120% in the last 24 hours, indicating a rise in interest among traders.