Ethereum (ETH) rival Solana (SOL) has seen a “dramatic increase” in professional investor allocation this year, according to a new survey conducted by digital asset management firm CoinShares.
CoinShares surveyed 64 investors from around the world with a total of $600 billion in assets under management.
Respondents include a variety of investor types, including asset managers, hedge funds, institutions, family offices, financial advisors and individual investors.
This explains CoinShares.
“Investors have been increasing their exposure to altcoins, and Solana has seen its allocations increase dramatically. Looking at the survey responses, this is because a few large investors are allocating more weight to the survey.
XRP is currently down significantly and none of the survey respondents own XRP.”
Digital assets made up an average of 3% of respondents’ portfolios, the highest share since CoinShares began surveying in 2021.
Describe the company,
“Unsurprisingly, some of the biggest contributors to this have been allocations from institutional investors who finally have the ability to gain exposure to Bitcoin through US ETFs.”
CoinShares notes that investors who refrained from purchasing digital assets cited regulation as the biggest factor in their decision not to invest.
“We expected this to decline, but it was clear from our research that significant barriers to entry into the asset class remain for certain groups of investors. These are typically in the asset management or institutional space.
“Few investors believe that digital assets lack a fundamental investment case.”
SOL is trading at $135.12 at the time of this writing. The fifth-largest cryptocurrency asset by market capitalization has fallen more than 6% in the past 24 hours.
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