Wall Street Favors Three Altcoins Right Now: Ethereum, Cardano and Solana

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Last Updated on 10 September 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin got caught in the crossfire of overheating and is retesting support levels which now seem to lie around the $43k to $46k level. As soon as it aims for the $50k ceiling again and is able to break it, many onlookers are expecting a new altseason to start.

So which altcoins sees favorable tidings from Wall Street, aka where is the smart money going at these quiet days before the storm once again is unleashed.

Well, according to CoinShares’ Digital Asset Fund Flows Report, some 40% of last week’s net inflows were allocated to financial products involving specific altcoins. In total, crypto derivatives purchases tracked by CoinShares amounted to $ 140 million for week 35 of 2021.

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Ethereum, Cardano and Solana

We can clearly see in the report that of the 98 million dollars net (inflows minus outflows) of institutional money that arrived on the crypto market last week, there was “only” 58.9 million dollars. extra dollars that went to Bitcoin.

The remainder went mostly to the second and third most valuable cryptocurrencies, namely the Ethereum network, at $ 14.4 million, the Cardano project, for $ 6.5 million and lastly, a little more unexpectedly, the young blockchain Solana.

Solana saw a very significant inflow of institutional money, with some $13.2 million in the last week alone. Solanaā€™s crypto-assets under management of institutional investors thus grew to a total value of $44 million.

Even though Bitcoin remains the most coveted cryptocurrency on Wall Street, with more than $40.6 billion worth of Satoshi Nakamotoā€™s invention under management, the share of altcoins has never been greater than it is today and now represents around 35% of the total crypto-assets under wealth management.

Be sure to diversify your portfolio then when the next wave hits.