Institutional investors have moved their funds away from cryptocurrency investment products offering exposure to the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), and instead are betting on Bitcoin ($BTC), Solana ($SOL), and products offering exposure to multiple cryptoassets.

According to CoinShares’ Digital Asset Fund Flows report, digital asset investment products saw inflows totaling $7 million last week, marking “another low activity week.” Per the firm, the “mixture of positive and negative flows” is suggesting a “continued lack of engagement amongst investors at present.”

The report adds that the United States and Germany led in inflows, totaling $14 million and $11 million respectively, while outflows focused on Sweden and Canada, with $16 million and $4.2 million respectively. When it comes to Ethereum the flows, CoinShares added, indicated “continued caution amongst investors” as it’s the fourth week of outflows, totaling $15 million.

Month-to-date, institutional investors have withdrawn over $77 million from products focusing on Ethereum, and have seemingly shifted to multi-asset investment products and to Solana, with the latter seeing $1.4 million in inflows last week to total $1.9 million month-to-date. Multi-asset products have seen similar inflows of $1.9 million month-to-date.

Bitcoin has meanwhile seen inflows totaling $17.4 million over the past week, although month-to-date its inflows are down $8 million. Products betting against the flagship cryptocurrency, however, have seen inflows of $18 million so far this month.

As CryptoGlobe reported, last week’s report revealed that institutional investor bets on Cardano-based investment products, offering them exposure to $ADA, had quadrupled compared to the previous week, at a time in which inflows to short Bitcoin products were rising significantly.

Notably, the total value locked on the Solana blockchain’s decentralized finance (DeFi) space has trended downwards in U.S. dollar terms over the past three months, dropping a total of 45.9% from $3.94 billion to $2.13 billion.

According to CryptoCompare’s latest Asset Report, the dominance of the five largest protocols on the network has nevertheless risen over the same period, hitting a 51.6% peak on August 9. Solana, the report adds, benefits from a “well-diversified set of DeFi applications ranging from DEXes to lending, liquid staking, and yield services.”

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