Over the last year, cryptocurrency investment products saw inflows of around $2.2 billion, with Bitcoin-focused products making up the lion’s share of these funds, with $1.93 billion coming in from institutional investors.

When it comes to altcoins, the leading altcoin these investors bet on what the smart contract platform Solana ($SOL), which saw inflows of $167 million during the year, in which it surged by more than 650% as it recovered from the collapse of FTX. Solana’s inflows were above those on investment products focused on the second-largest digital asset, Ethereum ($ETH).

According to CoinShares’ Digital Asset Fund Flows report, exchange-traded products (ETPs) focusing on XRP were also popular, with over $18 million in inflows, while products focusing on Cardano saw $14 million in inflows.

Notably, ETPs focused on multiple digital assets saw a total of $18 million in outflows, while products focused on Binance’s BNB saw $1 million in outflows over the year. The report details that for all ETPs combined, total assets under management rose 129% over the year to $51 billion, the highest level since March 2022.

The United States saw the largest inflows of $792 million, but this only represented 2% of assets under management, while Germany saw the largest inflows at 22% of assets under management, followed by Canada and Switzerland at 15% and 13%, respectively. The United States lagging is perhaps understandable given the likely preference among investors for a spot-based exchange-traded fund.

Blockchain equities also benefited, with assets under management rising by 109 percent and seeing total inflows of $458 million, 3.6 times the inflows seen in 2022.

Featured image via Unsplash.